The UK will take targeted action against Chinese and Indian firms facilitating Russian oil access to the international market, Finance Minister Rachel Reeves said on Wednesday. London imposed sanctions on Russia’s biggest oil producers and two Chinese energy firms that buy Russian oil. These are the first such sanctions on Chinese entities. It targeted China’s Beihai liquefied natural gas terminal, which has become the key offloading point for cargoes from Russia’s Arctic LNG 2 project, as well as Chinese oil processor Shandong Yulong. It is still unclear which Indian firms would be targeted, and whether the Chinese sanctions would be expanded. (BLOOMBERG)
China filed a complaint against India at the World Trade Organization. It targets Indian subsidies for its electric vehicle and battery sectors. The complaint says the subsidies give India an unfair advantage and weaken Chinese interests. Beijing reportedly filed similar cases against Türkiye, Canada, and the EU. An Indian official was quoted as saying China has approached New Delhi for consultations on the issue, which is the standard first round of talks in these cases. India’s trade deficit with China has widened over the past year. The complaint contrasts with frequent complaints about Chinese support for its own industries. (NDTV)
