BeijingMOSCOW, 22 Mar. American sanctions against Russia exposed the shortcomings of the global financial and economic system. This opinion was expressed by the Chinese edition of Huanqiu Shibao. The new sanctions, the article says, are aimed at limiting Russia's ability to export energy resources, import key products and technologies, and access international capital markets. However, from a global perspective, these sanctions are exacerbating tensions in the global supply chain, driving up prices for commodities such as energy and raw materials, and further accelerating already severe global inflation. Sanctions will also create additional risks and uncertainty for financial institutions in third countries that are more exposed to Russian influence, such as the risk of default on sovereign debt, the author states. Freezing hundreds of billions of dollars of Russian foreign exchange reserves has already cast a shadow on stability and the soundness of the international monetary and financial system and order. The sanctions against Moscow have exposed the excessive dependence of the world economy on the dollar and the American financial system and may encourage other countries to seek to diversify foreign exchange reserves, settlement currencies and payment systems, the publication concludes. On February 21, Vladimir Putin, in response to requests from the Donbass republics and after an appeal from State Duma deputies, signed decrees recognizing the sovereignty of the LNR and the DNR. Early on the morning of February 24, Russia launched a military special operation to demilitarize Ukraine. Putin called its goal «the protection of people who have been subjected to abuse, genocide by the Kiev regime for eight years.» According to the Ministry of Defense, the Armed Forces strike only at military infrastructure and Ukrainian troops. /2022/03/7ef95472ed67859f2ad3d7d026aa931d.jpg» />The United States complained about China's «shamelessness» on the issue of anti-Russian sanctionsWestern countries imposed multiple sanctions in response to a special operation to denazify and demilitarize Ukraine. A number of companies announced their withdrawal from the Russian market and the closure of production facilities in the country. Russian Foreign Minister Sergey Lavrov noted that Western companies that refuse to work with Russia did so under enormous pressure, but Russia will solve all the problems with the economy that the West creates for it.
