Amid the war in Ukraine, trade between Beijing and Moscow is on the rise. In 2022, it surged to a record high of $190 billion, and already in the first three months of this year it reached $53.8 billion – an almost 40% increase on the same period last year. At the same time, Chinese and Russian diplomats maintain frequent contact, and bilateral military exercises continue unabated. And yet, despite growing economic ties and cooperation, there is little evidence suggesting that China is evading Western sanctions on Russia, and Chinese diplomats continue to express rhetorical support for territorial integrity in Ukraine.

How is the ongoing war in Ukraine impacting Sino-Russian relations? Are there really no limits to the China-Russia friendship? Will China be able to pursue its vague dual approach, facing the emerging pressure of the international community? Is there still reason to anticipate that China can mediate between Russia and Ukraine? Are the sanctions imposed on Russia by the EU and other Western economies producing the intended results – in terms of economic isolation, and political opposition? And, in turn, what effects are these sanctions having on businesses in Europe – and in Switzerland?

In this closed-door Executive Roundtable, Dr. Maria Shagina, an expert on Sino-Russian relations and economic sanctions, will shed light on the complexities of the relations between China and Russia and discuss the implications and effectiveness of Western sanctions on Russia. She will be joining us in person in Zurich.

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Maria Shagina

Dr. Maria Shagina is a Diamond-Brown Senior Research Fellow for Economic Sanctions, Standards and Strategy at the International Institute for Strategic Studies (IISS). Dr. Shagina’s research interests cover economic statecraft, international sanctions and energy security, with a particular focus on post-Soviet states. Previously, she held senior research positions at the Finnish Institute of International Affairs and the University of Zurich. Dr. Shagina consulted government agencies, including the U.S. State Department, the UK Foreign Office, House of Commons and the EU Commission, and the private sector on sanctions and energy security. Her research has been cited in The New York Times, The Washington Post, The Financial Times, The Wall Street Journal, Foreign Policy and CNN.