The Ukrainian Foreign Intelligence Service reported that, despite Moscow and Beijing’s rhetoric about a “limitless friendship” in 2022, investment data reflects a different reality in the midst of the Russian invasion.
The%20volume%20total%20of%20accumulated%20Chinese%20investments%20in%20Russia%20remains%20stable, around%20%20017,400%20million%20of%20d%C3%B3lars,%20without%20growth%20from%202022.%20In%20same%20a%C3%B1os,%20se%20registr%C3%B3%20an%20increase%20of%2020%%20regarding%20a%202021,%20driven%20byprevious%20decisions%20and%20by%20the%20%E2%80%9Ceffect%20substitution%C3%B3n%E2%80%9D%20after%20the%20withdrawal%20of%20western%20investors%20from the%20Russian%20market.
However,%20for%202025,%20that%20trend%20al%20rise%20se%20stagnate%C3%B3.%20The%20%C3%BAnic%20sector%20withgrowth%20relative%20featured%20(50%)%20was%20of%20financial%20services.%20While%202022%20the%20Chinese%20banks%20in%20Russia%20provided%20support,%20for%202025%20its%20expansi%C3%B3n%20focus%C3%B3%20on%20facilitate%20%20bilateral%20trade,%20mainly%20through%20development%20of%20channels%20of%20payment%20and%20liquidation%C3%B3n,%20and%20not%20in%20the%20creation%C3%B3n%20of%20newproductive%20facilities.
By contrast, investments in raw materials – traditionally an attractive sector for China – decreased slightly, from $9 billion to $8.8 billion, according to the state research agency.
The Ukrainian analysis highlighted that Chinese investors are extremely pragmatic: they only participate in the Russian economy when they consider it safe, given international sanctions, and in many cases they choose not to invest directly.
However, officials from Beijing assure that “China cannot allow Russia to lose the war in Ukraine.”During a four-hour meeting on July 3, 2025 with European Commission Vice President Kaja Kallas, China’s Foreign Minister, Wang Yi in conversation rejected Western accusations that China finances and arms Moscow.
However, China established itself as the main supplier of dual-use goods for the Russian defense industry and helped Moscow avoid Western sanctions.
The statement, which surprised the European Union delegation, reveals Beijing’s strategic background: a Russian defeat could redirect American pressure towards Asia and, especially, towards Taiwan.For China, avoiding a Ukrainian victory is a central geopolitical objective, although in public the Xi Jinping regime continues to demand a peaceful resolution of the conflict.
For his part, at the end of last year, the president of Ukraine, Volodimir Zelensky, assured that “he does not see a willingness on the part of China to join the path of peace” to bring closure to the conflict that is about to reach four years in duration.
The president stated that the Ukrainian authorities “have always wanted China to pressure Russia to stop the war, but unfortunately it has not done so,” and added that, on the contrary, “China has increased the volume of Russian energy imports.”Zelensky argued that “Russia spends its energy export money on war,” and stressed: “Unfortunately, this is China’s role today.”
The United States is seeking to have Ukraine and Russia end the war by June and has offered to host a new round of talks next week, Zelensky said Saturday.
President Donald Trump’s administration pressured both parties to reach an agreement, recently mediated in meetings in Abu Dhabi, although the disagreement over the status of the occupied territories has not been overcome so far.
Russia,%20which%20currently%20controls%20near%20of%20%20%20of%20Ukrainian%20territory,%20insists%20obtain%20the%20domain%20total%20of%20the%20region%C3%B3n%20of%20Donetsk%20as%20part%20of%20a%20possible agreement.%20On%20its%20part,%20Kiev%20rejects%20any%20pact%20that%20does not%20guarantee%20deterrence%C3%B3n%20of%20future%20Russian%20invasions.
“The United States proposed for the first time that the two negotiating teams—Ukraine and Russia—meet in the United States, probably in Miami, within a week,” Zelensky told reporters.“They say they want to have everything ready by June,” he added.
Zelensky repeatedly expressed frustration over demands for concessions that he considers disproportionate for Ukraine compared to Russia.The president stressed that he will not accept agreements between Washington and Moscow that exclude kyiv or compromise Ukrainian sovereignty.
