Steve Roach: "The Only Person Who Can Stop Putin Is Xi Jinping"

In February, Vladimir Putin (left), President of Russia, and Xi Jinping, President of China, pose for a commemorative photo ahead of a summit at the Diaoyutai State Guesthouse in Beijing, China.
[Image source=Yonhap News]

[Asia Economy New York=Special Correspondent Joselgina] Renowned economist Steve Roach, a professor at Yale School of Management, stated on the 7th (local time), "There is only one person in the world who can exert influence over Vladimir Putin, the President of Russia," adding, "That person is Xi Jinping, the President of China."

Professor Roach appeared on CNBC that day and said, "It is best for China to mediate a peace agreement between Russia and Ukraine." He added, "Whether Xi takes advantage of this opportunity depends on him," and mentioned, "If President Putin does not cooperate, China should threaten to cut off support."

Professor Roach warned that if China strengthens its alliance with Russia, it would be a huge mistake. He emphasized, "Such an attitude cannot be sustained," and "It would be a historic mistake for President Xi."

China has recently not joined the global sanctions movement against Russia, which invaded Ukraine. It also abstained from voting on the United Nations General Assembly resolution condemning the invasion and demanding withdrawal.

Along with this, Professor Roach expressed concern that if Russia defaults on its sovereign debt, the repercussions could spread throughout emerging markets, including China. He said, "There will be widespread ripple effects in emerging markets worldwide," and "China will not be safe from this."

He continued, "The sooner China cuts ties with Russia, the better the situation will be," and diagnosed, "We must wait and closely monitor the situation." It is reported that Russia has sovereign bonds worth approximately $700 million maturing just this month.

This content was produced with the assistance of AI translation services.