(Bloomberg) — China is seeking to avoid taking a hit from U.S.-led sanctions against Russia, a top Chinese diplomat said, an effort to prevent the world’s second-biggest economy getting caught up in the fallout of Moscow’s invasion of Ukraine. The White House has called on Beijing to use its influence with Moscow to help end the conflict, and cautioned there’ll be consequences for supporting the Kremlin.
U.S. officials also warned European allies that Russia asked China for armed drones in the early days of the war, people familiar with the matter said. Beijing dismissed that news as “disinformation,” and said it was urging a peaceful solution to the war in Ukraine.
Shelling continued overnight with buildings hit in the capital, Kyiv, Ukrainian officials said, adding that Russian forces were apparently fortifying existing positions rather than pushing forward. President Joe Biden could be heading to Europe soon to rally support for his efforts to halt the fighting that has set off a humanitarian crisis in Ukraine and in neighboring countries.
Key Developments
- China Says It Wants to Avoid U.S. Sanctions Over Russia’s War
- U.S. Warns Europe That Russia Wants Armed Drones From China
- Russia Is Spiraling Toward a $150 Billion Debt Default Nightmare
- Russian Air Travel Could Disappear as Planes Aren’t Serviced
- Putin’s State Media News Is Interrupted: ‘They’re Lying to You’
All times CET:
Former Senior Kremlin Official Condemns War (8:20 a.m.)
Arkady Dvorkovich, Dmitry Medvedev’s senior economic adviser during his presidency and a deputy prime minister until 2018, condemned Russia’s invasion of Ukraine in a rare example of a former official speaking out against the war.
“Wars are the worst things one might face in life, including this war,” Dvorkovich, who is the president of the International Chess Federation, said from Russia in an interview with Mother Jones. “My thoughts are with Ukrainian civilians.”
Andrei Kozyrev, a foreign minister under Boris Yeltsin in the 1990s who now lives in the U.S., has been the most outspoken former Russian official. He has slammed the attack and called on Russian diplomats to resign in protest.
Major German Cities ‘Very Stretched’ by Refugees (8 a.m.)
Germany is in the process of distributing Ukrainian refugees around the country to try to ease the burden on “very significantly stretched” major cities like Berlin, Hamburg and Munich, Interior Minister Nancy Faeser said on DLF radio.
Around 150,000 refugees have arrived in Germany from Ukraine since the war began, according to Faeser’s ministry. The numbers could be higher as borders with EU partners to the east like Poland and the Czech Republic are essentially wide open, while some may also have transited through Germany on their way to another country.
Japan Details Russian Exports Ban (7:55 a.m.)
Japan announced more details of its ban on exports of semiconductors and machinery to Russia, a move likely to bolster its security alliance with the U.S. and EU.
The ban, set to take effect on March 18, will apply to about 270 items in such categories as conventional, chemical and biological weapons, nuclear power, electronics and communications, the trade ministry said. It also applies to Russia’s neighbor and ally Belarus. The ban won’t likely affect many of Japan’s shipments to Russia because it doesn’t include cars and construction machinery, which make up a majority of the exports there.
Europe’s ‘Golden Passports’ Under Microscope (7:00 a.m.)
The war has cast a spotlight on the yachts, jets and mansions owned by Russia’s wealthiest citizens around the world, but there’s another luxury good in high demand: passports. In Europe over the last decade, as many as 4,000 Russians are estimated to have obtained so-called golden passports by investing a total of over 3 billion euros ($3.3 billion) in property or other assets.
But the tide appears to have turned following Russia’s invasion of Ukraine. Portugal, Greece and the Czech Republic halted the issuance of visas to Russian nationals, and the U.K. scrapped its investor visa program entirely.
Russian Air Travel Could Disappear, Brokerage Says (5:39 a.m.)
Russia’s commercial aircraft fleet could falter within months and risks being largely grounded in a few years as sanctions block essential spare parts from Boeing Co. and Airbus SE, according to Jefferies Group LLC.
“They’ll be able to fly for the next six months to a year fairly well, then parts start breaking and you’ll need replacements,” Jefferies analyst Sheila Kahyaoglu said during a conference call on the implications of Russia’s invasion of Ukraine. “Then you’ll start getting into safety issues.”
China Says It Wants to Avoid U.S. Sanctions Hit (4:13 a.m.)
“China is not a party to the crisis, nor does it want the sanctions to affect China,” Foreign Minister Wang Yi said in a phone call with Spanish counterpart Jose Manuel Albares to discuss the war in Ukraine. “China has the right to safeguard its legitimate rights and interests.”
Concerns are growing among investors that Chinese companies will face U.S. sanctions after American officials said Russia requested military and financial assistance from Beijing.
U.S. Says Russia Wants Armed Drones From China (2:52 a.m.)
The U.S. has warned European allies that Russia asked China for armed drones in late February as it was beginning its invasion of Ukraine, according to people familiar with the matter.
The request has alarmed Biden administration officials who are seeking to prevent China — Russia’s most powerful diplomatic partner — from coming to Vladimir Putin’s aid in the war, according to the people, who described the matter on condition of anonymity.
South Korea to Send Non-Lethal Aid, Korean Air Reroutes Flights (2:06 a.m.)
South Korea has decided to send non-lethal military aid to Ukraine and is discussing what items will be dispatched, defense ministry spokesman Boo Seung-chan said in a briefing.
Korean Air won’t fly through Russian airspace when operating its Europe and east coast North America services because of “operational challenges and safety concerns,” the carrier said in a separate statement.
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