According to the news of the Russian Vedomosti newspaper on November 5, based on four unnamed sources from importing companies, the Chinese state company Sinosure, which insures export materials against the risk of non-payment, began to refuse to cooperate with Russian entrepreneurs.

Sinosure, one Chinese The state-backed insurance company was founded in 2001 to promote Beijing’s business development and cooperation. When a foreign importer agreed with a Chinese supplier to defer payment, he reportedly turned to Sinosure for delivery insurance.

Trade between Russia and China It was reported that it increased by 121% Since 2021, it has underlined Beijing’s role as Moscow’s economic lifeline.

According to Vedomosti’s sources, Russian business has recently encountered difficulties with Sinosure.

One of the Chinese suppliers told a Russian importer that the company refused to insure its deals due to the nature of the exported goods, citing domestic policy.

Another unnamed Russian entrepreneur told the outlet about several cases where the delivery amount limit for companies was reset. Russia. According to Vedomosti, at least three suppliers recently informed another Russian source that their companies had been blacklisted by Sinosure.

Sources told the newspaper that Sinosure began to behave similarly to Chinese banks in its interactions with Russian individuals, refusing to insure the export of goods whose list overlapped with the blacklist of the state-owned major Bank of China.

China since July tightened export controls It’s about military and dual-use products, Moscow Times reported.

Beijing has positioned itself as neutral in the ongoing war, but it has deepened further economic ties Cooperating with Russia and becoming Moscow’s leading energy source dual use productsIt feeds the Russian defense industry.

Australian intelligence chief says China’s support ‘keeps Putin’s army on the ground in Ukraine’

Beijing’s “large supplies of dual-use goods” as well as diplomatic and economic support have allowed Russia to continue its war against Ukraine, the chief of Australia’s intelligence agency said on Nov. 6, Reuters reported.