China has cancelled a $500 million investment in Russian gas

Weekend news

Chinese state oil and gas company Sinopec has pulled a US$500mn investment from Russia

• was to be for a new gas chemical plant in Russia

China has been a supporter of Russia's invasion but the prospect of economic damage appears to be triggering a change of view. Firms such as Sinopec will abide by Chinese Communist Party foreign policy. Sinopec execs will have received instructions from the CCP on this. Of all the 'turning points' touted in Russia's war on Ukraine the withdrawal of support from China will be a significant one.

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Sinopec is Asia’s biggest oil refiner

eur EUR The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value Read this Term