We want to avoid US sanctions over Russia invasion, says China

China wants to avoid being impacted by US sanctions over Russia’s war, Foreign Minister Wang Yi said, in one of Beijing’s most explicit statements yet on American penalties that are contributing to a historic market selloff. 

“China is not a party to the crisis, nor does it want the sanctions to affect China,” Wang said in a phone call on Monday 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 US sanctions after American officials said Russia requested military and financial assistance from Beijing. The US 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.

China dismissed the initial report of the Russian weapons request as “disinformation” on Monday, while Russia denied that it asked Beijing for help, saying it has enough resources to win the war. Neither side has yet responded to the report on armed drones.