“Xi Jinping should mediate Russia-Ukraine peace treaty”
“There is only one person in the world who can influence Russian President Vladimir Putin,” said Yale University professor Stephen Roach, a famous American economist. That person is Chinese President Xi Jinping.
Professor Roach appeared on CNBC’s ‘Squawk Box Asia’ on the 7th (local time) and said, “The best thing China can do right now is to mediate a peace agreement between Russia and Ukraine.”
“China holds the card and I think it is up to President Xi to take advantage of this opportunity,” he added.
The United States and the European Union (EU) continue to impose various economic sanctions on Russia for invading Ukraine. However, China did not participate. He also abstained from a recent UN General Assembly resolution condemning Russia.
He said to China, “If Putin doesn’t cooperate, China should threaten to cut aid.” It can’t last,” he said.
“If Russia fails to meet its debt, it will have far-reaching ripple effects in emerging markets around the world,” he said.
“The sooner China cuts off relations with Russia, the better the situation will be,” Loach said.
According to a report by U.S. investment bank JP Morgan, on the 16th, Russian government bonds worth US$ 100 million (854.2 billion won) will return to maturity. In a memo delivered to customers on the 2nd, JP Morgan analysts said, “US sanctions once morest Russia, Russia’s response to restrictions on foreign currency settlement, and settling in the payment network are becoming a huge obstacle for Russia to fulfill its foreign debts.” suggested the possibility of a default of .
Given the 30-day grace period, Russia’s real default crisis is likely to be April 15th.
