Investments in Russia through China's global project fell to zero

The fall in investment may be temporary, and there is “definitely strong interaction” between RUSSIA and CHINA,count at the center at Shanghai Fudan University

China 's funding and investment in Russia under China's One Belt, One Road global development and cooperation project dropped to zero in the first half of 2022, the Financial Times reported, citing a report by the Green Finance & Development Center at Shanghai Fudan University.

According to the newspaper, the reduction in investment occurred for the first time since the launch of the Chinese project in 2013. In 2021, Moscow and Beijing signed agreements worth about $2 billion.

The cost of shipping Russian oil to China by sea has tripled Economics

The center's DIRECTOR, Christophe Nedopil Wang, felt that China's refraining from investing in Russia could be due to the threat of Western sanctions, so Beijing deepened cooperation with the Middle East. This is demonstrated by the data of the center: Saudi Arabia has become the main beneficiary of the One Belt, One Road project - China is strengthening ties with it in the field of energy and construction and has concluded agreements worth $5.5 billion.

At the same time, Wang said that the drop in investment may be temporary, and between Russia and China "definitely strong interaction." Despite events in Ukraine, Beijing's purchases of Russian energy products have increased, he added.

One Belt, One Road is one of the main foreign economic projects of China, which was launched by Chinese President Xi Jinping in September 2013. It is aimed at creating new trade routes, transport and economic corridors connecting China with the countries of Central Asia, Europe and Africa. According to China's plans, the world's longest economic corridor will be created, which will cover 4.4 billion people.

Initially, China positioned the "One Belt - One Road" as the "project of the century," the center's report notes, but now its scale is declining. As part of the project, in the first half of 2022, the total volume of Chinese investments in 147 countries amounted to $28.4 billion, which is less than in the same period last year ($29.6 billion). In total, since the start of the project in 2013, China's financing amounted to $932 billion, including $561 billion in construction contracts and $371 billion in investments.

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