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'Sanctions are a double-edged sword': Xi's swipe at US, UK at BRICS Summit

India is expected to counter an anticipated effort by Xi to use the summit to highlight his efforts to build an alternative to the US-led global order.

June 23, 2022 / 03:00 PM IST
China President Xi Jinping

China President Xi Jinping

Chinese President Xi Jinping took a swipe at US and European Union sanctions on Russia in the speech on Wednesday at the BRICS Summit, saying "sanctions are a boomerang and a double-edged sword".

“Politicizing, instrumentalizing and weaponizing the world economy using a dominant position in the global financial system to wantonly impose sanctions would only hurt others as well as hurting oneself, leaving people around the world suffering,” Xi told the BRICS Business Forum.

Also Read: Xi warns about 'expanding military alliances' at BRICS summit: State Media

Xi told the BRICS business forum that the "Ukraine crisis is...a wake-up call" and warned against "expanding military alliances and seeking one's own security at the expense of other countries' security". China and India have strong military links with Russia and buy large amounts of its oil and gas.

India is expected to counter an anticipated effort by Xi to use the summit to highlight his efforts to build an alternative to the US-led global order. Beijing is keen on expanding the BRICS grouping.

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Beijing is hosting the meeting of the influential club of BRICS emerging economies, which accounts for more than 40 per cent of the global population and nearly a quarter of the world's gross domestic product.

Three of its members - China, India and South Africa - have abstained from voting on a United Nations resolution condemning Russia's invasion of Ukraine.

Leaders of the Group of Seven (G7) nations will meet next week in Germany to discuss how to proceed with sanctions against Russia.

The BRICS summit takes place as Russian troops continue to pummel eastern Ukraine after invading the country four months ago.

China and India have both ramped up crude oil imports from Russia, helping to offset losses from Western nations scaling back Russian energy purchases.

India bought six times more Russian oil from March to May compared with the same period last year, while imports by China during that period tripled, data from research firm Rystad Energy shows.
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first published: Jun 23, 2022 02:59 pm
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