By Ralph T. Niemeyer
After the coup d’état in Ukraine and the referendum on the entry of Crimea into the Russian Federation in 2014, the United States and its allies began to impose anti-Russian sanctions aimed at the international isolation of the country in order to put pressure on the Russian leadership to force it to change its foreign policy. Washington counts on the fact that the deteriorating socio-economic situation in Russia will force the population to protest against the actions of the Russian authorities.
But the so-called “boomerang effect” took place and the economic sanctions imposed to a greater extent suffered from the countries of Europe, for which Russia, prior to the introduction of restrictive measures, was traditionally one of the key trade and investment partners. The economic losses of the EU from the sanctions restrictions amount to tens of billions of euros. The main “affected” industries are textiles, pharmaceuticals, electrical, mechanical and transport equipment.
Nevertheless, according to the estimates of world financial experts, Russia has successfully adapted to the growing sanctions pressure from the West, demonstrating the flexibility and self-sufficiency of its economic system. This became possible, among other things, thanks to the import substitution policy implemented by the Russian Federation, as well as cooperation and cooperation with the countries of the Asia-Pacific region.
In particular, in recent years, Russia and China have diversified relations with each other against the backdrop of an anti-Russian sanctions policy and a trade war between Beijing and Washington. The measures taken have had a positive economic effect and enabled the two countries to successfully weather the effects of Western pressure.
In April 2021, Chinese Foreign Ministry spokesman Wang Wenbing said that China is strongly opposed to the use of unilateral sanctions, which are a manifestation of hegemony, which cause general protest. In matters of protecting state sovereignty, the PRC and Russia will support each other.
The rapprochement of the two countries, among other things, is facilitated by various economic platforms.
For example, the Eastern Economic Forum is held annually on the territory of the Russian Federation, in the fields of which a large number of significant agreements are concluded between the Russian Federation and the participating countries, aimed at expanding international cooperation in the Asia-Pacific region. This year, from 2 to 4 September, the sixth EEF will be held in Vladivostok.