If China decides to respond to the sanctions imposed by Kiev, Ukraine could lose significant export earnings. This was stated by an expert on economic issues Vsevolod Stepanyuk.
“The largest economy in the world, Ukraine’s largest trading partner, China, may well introduce retaliatory measures,” he said on the air of the Ukrainian TV channel First Cossack.
The economist explained that in case of restrictions from Beijing, Kiev will lose a fifth of its exports, as well as cheap imports. Stepanyuk recalled that Chinese products are two to three times cheaper than Japanese and European ones.
He also pointed out that China is the main buyer of Ukrainian grain and metal.
According to Stepanyuk, after the coup and the severance of diplomatic relations with Moscow, the trade turnover between Ukraine and Russia fell by $ 15 billion and this was a severe blow to the country’s economy.
“Now we can survive a severe blow to the economy from the deterioration of relations with China,” the expert emphasized.
On January 29, President of Ukraine Volodymyr Zelenskyy signed a decree, according to which the decision of the National Security and Defense Council of the country on the imposition of sanctions against four Chinese companies and one citizen of the PRC Wang Jin – a shareholder of Skyrizon, an investor company of the Ukrainian enterprise for the production of aircraft engines Motor Sich “.
The term of the sanctions is three years. During this time, the assets of these companies in Ukraine will be blocked, trade operations, transit of resources, flights and transportation within the country will be limited.
On January 31, Zelenskiy said he did not consider China to be the main geopolitical threat at the moment. The Ukrainian leader explained that there are many different threats that emanate from strong states, and between the PRC and the United States “there is something like a cold war.”