BlackRock’s CEO Larry Fink bashed China for its continued ties with Russia, saying the country supported the enemy. Fink also requested that Western companies conducting business with China review their ties. In his opinion, Fink believes that there has not been enough assessment of China-Russia relations.
Fink spoke on a panel about China during the Berlin Global Dialogue summit in Germany. The summit, which began in 2022 to discuss rising political, economic, and social events in the 21st Century, began on October 1 and is expected to end on October 2.
Larry Fink was one of the speakers during the event, alongside key figures in the financial and political space, including Kosovo’s president, France’s president, Nigeria’s Finance Minister, Saudi Arabia’s Finance Minister, and more. The event has significant partners, including Bank of America, AO Shearman, and Allianz.
Fink mentioned that most summit attendees could agree that they have business relations with China. Blackrock has a significant presence in the country, which Fink says the company plans to reevaluate. Fink is also notably on the board of a reputable university in Beijing, the Tsinghua University School of Economics and Management.
The relationship between Russia and China has been rocky, especially in 2023. President Putin and President Xi have still resolved their issues, leading to more economic activity between the two countries.
BlackRock’s Larry Fink says China is Russia’s economic lifeline
Blackrock’s CEO described China as the most significant supporter of the Russian economy, suggesting discussions on the topic.
Fink questioned the support, especially in the ongoing Russia-Ukraine war, which began in 2022. The largest asset manager’s CEO explained that there should be consequences for China’s support as the West continues to inject millions to support Ukraine.
“You’re supporting our enemy, we’re putting billions and billions of dollars into supporting the survival of Ukraine, and there should be a cost to that.”
– Larry Fink, Blackrock’s CEO
Since the war started, Russia has been facing sanctions, limiting its economic activities with many Western countries.
Data from the China General Administration of Customs showed that trade between Russia and China grew by 26% in 2023, reaching $240 billion. The data also indicated that exports from China to Russia increased to 47% in 2023.
China still insists on a neutral stance in the Ukraine war.
Russia rejected China’s proposal of a 12-point peace plan, leading to friction between the two countries. Some political figures still think China would stop the war if it wanted to. In July, Finland’s president Alexander Stubb commented that Russia’s current dependence on China means that if President Xi asked, Putin would negotiate war resolutions.
NATO calls China an enabler of the Ukraine war
The new NATO secretary general, Mark Rutte, on October 2, called China a decisive enabler of the Ukraine war. Rutte added that NATO would not allow the country to fuel what he termed the greatest war in Europe since World War II. The secretary-general also insisted that it was better to support Ukraine than to allow Putin’s victory.
The statement coincided with a similar one from the former Secretary General, Jen Stoltenberg. In a press conference held in July, Stoltenberg explained that NATO was sending a clear message, calling out China’s contribution to the conflict.
Antony Blinken, the U.S. Secretary of State, warned China in April that the government would take action if China continued to support Russia. Like Rutte, Blinken called the war the biggest security threat in Europe since the Cold War. While Blinken commended China’s efforts to reduce the aggression Russia directed toward Ukraine, he still insisted on the need to stop the country from fueling the threat.
