China is looking to strike a balance between meeting its energy demands and maintaining relations with its major export destinations, but some Western countries have criticised Beijing for providing a lifeline to the embattled Kremlin.
The emerging multi-polar world is now trying to reduce the use of the greenback in their trade after the US and EU imposed multilateral sanctions on Russia.
"Fully cutting off Russia's trade would further force Russia to consider whether it would be better to stop this cruel war," Polish PM Mateus Morawiecki said.
As Russia’s forces close in on Ukraine’s capital Kyiv and the attack intensifies, both the Russian government and its richest citizens are beginning to feel the heat of Western sanctions. These sanctions will soon clamp trade between Russia, Ukraine, and the Asia-Pacific region. However, since the trade volume is relatively low, the impact on APAC .
Sitharaman said that the government was seized of the matter, acknowledging that the current geopolitical situation could impact the import of essentials such as edible oils and fertilizers