How Chinese, Iranian companies profit in Russia-occupied Ukrainian regions
Summary
Chinese companies have signed deals to provide equipment for construction projects in regions of Ukraine controlled by Russia-backed separatists. These areas are not recognized as independent countries by most of the world, and the local economy is increasingly linked to China through business and currency use.Key Facts
- Two Chinese firms, Zhongxin Heavy Industrial Machinery and Amma Construction Machinery, supplied stone-crushing machinery to the Donetsk region controlled by separatists.
- The deal was announced by separatist officials of the self-declared "People’s Republic of Donetsk," a region recognized only by North Korea and Syria.
- The crushed stone is used for construction in Russian-occupied parts of Ukraine, including rebuilding the Mariupol port area.
- At least 17 Chinese companies operate in these occupied regions, involved in mining, construction, telecommunications, and financial services.
- Around 6,000 Chinese-made cellphone relay stations have been installed in the occupied territories.
- The separatist-controlled regions have limited functioning industries; only 5 out of 94 coal mines remain open.
- Local businesses use Chinese electronic payment systems, and the Chinese currency yuan is widely used and traded in the occupied areas.
- Russia officially annexed these regions in 2022, but they are not fully controlled by Russian forces and maintain nominal local administrations.
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