When Western countries imposed unprecedented economic and financial sanctions on Russia following its invasion of Ukraine, China announced that it would not participate in unilateral sanctions. Instead, the country "will continue to maintain normal economic, trade and financial exchanges with the relevant parties," said a statement by Guo Shuqing, head of the China Banking and Insurance Regulatory Commission, as quoted on Wednesday by Wall Street
Journal.

China is Russia's most significant trading partner, accounting for 13% of the country's exports in 2019. The world's largest exporter is even more important as a supplier of goods to Russia, accounting for 22% of the country's goods imports in the same year.

Of Russia's 8 largest trading partners, only China and Belarus have announced they will not support the sanctions.