The US has issued a stern warning to China that there will be consequences if it sends arms to Russia. This follows seven hours of talks in Rome between senior US and Chinese officials over claims the US was hearing that China had sent secret guarantees to Moscow that it would back its effort in Ukraine by sending military equipment to help Russian soldiers on the ground in that country. 

National Security Advisor Jake Sullivan met with Chinese diplomat Yang Jiechi in Rome, Italy as Washington warned of the isolation and penalties Beijing will face if it helps Moscow in its invasion of Ukraine. Their meeting followed up on the November 15, 2021 virtual meeting between President Biden and President Xi. Mr. Sullivan raised a range of issues in U.S.-China relations, with substantial discussion of Russia’s war against Ukraine.

State Department spokesman Ned Price told a regular briefing in Washington that they have communicated very clearly to Beijing that they will not stand by and will not allow any country to compensate Russia for its losses.

Chinese diplomat Yang Jiechi has told Xinhua, China’s state-run news agency, that Beijing is committed to promoting negotiations to resolve the Ukraine conflict. Foreign Minister Wang Yi reiterates China wants to avoid being impacted by US sanctions over Russia’s war. 

In a phone call with Spanish counterpart Jose Manuel Albares to discuss the conflict, Chinese diplomat Yang Jiechi has said, “China has the right to safeguard its legitimate rights and interests.”

At the back of growing concerns among investors that Chinese companies will face U.S. sanctions, a selloff across Chinese stocks deepened this week sending a key index to the lowest level since 2008. This is adding to worries about regulatory developments including a possible delisting from the U.S. exchanges.

The Hang Seng China Enterprises Index, which tracks Chinese shares traded in Hong Kong, took a 6.6% hit, following a plunge in the previous session that was the biggest since the global financial crisis. Tech giants Alibaba Group Holding Ltd. and Tencent Holdings Ltd. led the decline. The benchmark Hang Seng Index fell 5.7%, its biggest decline since July 2015.

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