Blow for Putin as China abandons investment in Russia

Blow for Putin as China abandons investment in Russia

China has not funded any new infrastructure projects in Russia for months as Beijing focuses its attention on preventing a financial crisis at home . Financing and investment through the Chinese Belt and Road Initiative (BRI) fell to $28.4bn (£23.6bn) over the first half of 2022, down from $29.4bn during the same period last year, according to a study by the Green Finance & Development Center at Shanghai’s Fudan University. No money went to new projects in Russia, Sri Lanka or Egypt, all of which had previously been key beneficiaries of Chinese spending. The lack of engagement with Russia suggests Chinese businesses may be afraid of falling victim to secondary sanctions introduced against Moscow over the invasion of Ukraine, and comes despite the pair insisting that their friendship had "no limits" shortly before the war began. BRI was formally adopted in 2013 as part of efforts by Beijing to expand its influence across Asia, Africa, South America and parts of eastern Europe. Under the scheme, China had pumped nearly a trillion dollars into investment and infrastructure projects in developing regions, in the process creating work for its businesses and often securing footholds in strategically vital countries. But spending has been