Sanctions have opened the Russian market up for innovative products and investment from China, according to an expert
Chinese companies are looking to fill vacant niches in the Russian market after the departure of Western firms due to sanctions, a member of the Russian-Chinese Technology and Innovation Chamber, Wu Zhang, has said.
A host of Chinese businesses are interested in investment projects in Russia and are keen to build plants and showrooms to display their products, in particular, innovative household appliances, auto parts, and robotics, Wu said at a meeting of Russia’s Association of Small Businesses on Monday.
He also highlighted the prospects for cooperation in tourism once the Covid-19 restrictions are lifted in China, adding that the two countries are now enjoying “the best relations in history.”
This comes as Russia-China economic ties are seeing strong momentum, with mutual trade turnover approaching $150 billion over the past ten months. The countries have also accelerated efforts to move away from the US dollar and euro in trade and towards settlements using the domestic currencies.
READ MORE: Russia-China trade soars – official
Speaking via video link at the 27th iteration of a regular meeting that brings the Chinese and Russian heads of government together, Premier Li Keqiang told his counterpart Mikhail Mishustin that many banks in both countries have connected to each other’s payment systems to facilitate cross-border transactions. He stressed that the move was “very important for the smooth functioning of production and supply chains.”
Moscow and Beijing previously agreed to conduct energy transactions using the national currencies instead of the dollar. According to Mishustin, nearly half of all trade between the two countries is now done using the Russian ruble or Chinese yuan.
https://www.rt.com/business/567705-china-russia-investment-projects/
US Army Secretary Dan Driscoll is preparing to leave the Trump administration after what a new report has described as months of tension with Secretary of War Pete Hegseth, potentially triggering another change at the army’s top echelons.
According to the Friday report by The Wall Street Journal, Driscoll is expected to step down before the end of the year and could leave his post earlier. The newspaper cited people familiar with discussions over his departure.
The Journal reported that Driscoll and his family vacated the official residence assigned to the army secretary at Joint Base Myer-Henderson Hall this summer, a move that could indicate he was preparing to leave the position.
The reported departure would come at a time of continuing uncertainty at the top echelons of the army.
Hegseth abruptly removed Army Chief of Staff Gen. Randy George in April, while Trump has not yet nominated a permanent successo....more below
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The Islamic Revolution Guards Corps (IRGC) warns the enemies that any act of aggression against the Islamic Republic will not go unanswered.
In a statement on Thursday, the IRGC issued a “stern warning” to the enemies after US forces launched strikes against the southern Iranian port city of Bandar Abbas.
Following the US military attack on a point on the outskirts of Bandar Abbas Airport with aerial projectiles, the IRGC carried out new strikes targeting the US air base from which the attack originated in the wee hours of Thursday, it added.
“This response is a serious warning to the enemy that they should know the act of aggression will not go unanswered,” the IRGC emphasized.
The elite military force warned of a “more decisive” response if the enemy repeated any act of aggression.
It also said the responsibility for the consequences of any IRGC response lies with the aggressor.
The statement comes after the IRGC Navy on Thursday forced an American tanker to turn back. The tanker ...
