China’s leader Xi Jinping has in recent months tried to put public distance between Beijing and Moscow as Russia has suffered defeats in its war on Ukraine. Behind the diplomatic appearances, however, Mr. Xi is deepening his long-term bet on Russia.
WASHINGTON—The U.S. is set to levy fresh sanctions against Russia and China on Friday, actions that include targeting Russia’s deployment of Iranian drones in Ukraine, alleged human-rights abuse by both nations and Beijing’s support of alleged illegal fishing in the Pacific, according to officials familiar with the matter. The bulk of the expected sanctions are … Read more
Saudi Arabia and other OPEC oil producers are discussing an output increase, the group’s delegates said, a move that could help heal a rift with the Biden administration and keep energy flowing amid new attempts to blunt Russia’s oil industry over the Ukraine war. A production increase of up to 500,000 barrels a day is … Read more
SINGAPORE—American workers hold key positions throughout China’s domestic chip industry, helping manufacturers develop new chips to catch up with foreign rivals. Now, those workers are in limbo under new U.S. export control rules that prohibit U.S. citizens from supporting China’s advanced chip development. At least 43 senior executives working with 16 publicly listed Chinese semiconductor … Read more
BERLIN—The European Union has advanced work on a price cap for Russian oil under an approach that keeps the U.S.-led effort on track but holds off on final approval. EU member states have agreed on a two-stage approach to the international price cap on Russian oil, which is being developed within the Group of Seven … Read more
The U.S. dollar is experiencing a once-in-a-generation rally, a surge that threatens to exacerbate a slowdown in growth and amplify inflation headaches for global central banks. The dollar’s role as the primary currency used in global trade and finance means its fluctuations have widespread impacts. The currency’s strength is being felt in the fuel and … Read more
Chinese leader Xi Jinping and Russian President Vladimir Putin met in person for the first time since the start of the Ukraine war, as the two countries displayed growing ties in the wake of major battlefield setbacks for Moscow. Mr. Putin told his Chinese counterpart on Thursday that Moscow highly values what he called Beijing’s … Read more
Power prices surged, European currencies hit multidecade lows and governments scrambled to contain the economic hit after Russia cut its main natural-gas pipeline to Europe. The cutoff, which the Kremlin blamed Monday on Western sanctions and said would be long-lasting, realizes the worst-case scenario Europe had been girding for since Russia invaded Ukraine in February. … Read more
Russia indefinitely suspended natural gas flows to Europe via a key pipeline hours after the Group of Seven agreed to an oil price cap for Russian crude—two opposing blows exchanged between Moscow and the West in an economic war running parallel to the military conflict in Ukraine. Kremlin-controlled energy company Gazprom PJSC said late Friday … Read more
Six months after Russia launched its full-scale invasion of Ukraine, signs are accumulating that the balance on the military and economic battlefields is slowly tilting the way of Kyiv and its Western backers. In the biggest war between European countries since World War II, the death and destruction have no end in sight. Ukraine is … Read more