China drops Russia to salvage economy as US threatens 'most serious challenge' to trade
Story by Aurora Bosotti • 10h • 2 min read
MARKETS TODAY
China has suffered a major blow after exports to Russia plunged, the first time data showed a decrease year-on-year since the start of the war in Ukraine.
The drop came as Chinese businesses sought to avoid the impact of the secondary sanctions Joe Biden's administration introduced to cripple industries deemed to be helping Russia perpetuate its war efforts.
Last week, the United States last week warned "full sanctions" were on the table for any Chinese business deemed to be providing Russia material and expertise needed to sustain the conflict in Ukraine.
