Beijing must prepare for Western financial restrictions resembling those used against Russia, Chinese analyst Gao Zhikai has warned, accusing Washington of weaponizing the dollar to exert economic pressure.
Speaking on How to Build a Better World, a joint RT–Jiangxi TV program, Gao recalled how Western sanctions restricted Russia’s access to dollar and euro transactions and disconnected major banks from SWIFT after the escalation of the Ukraine conflict in 2022.
“China must also be prepared in case the same kind of bullying and coercive measures are used against us one day,” Gao added.
To counter Western restrictions, Moscow has accelerated its shift away from the dollar and euro, expanded settlements in national currencies and promoted its own interbank messaging system, an alternative to SWIFT.
Washington has sanctioned Chinese companies over their alleged support for Russia’s military industry. Beijing has denied supplying weapons to either side of the Ukraine conflict and says it maintains control over dual-use exports. The Kremlin has condemned US sanctions threats against firms from China as “blackmail.”
China has also faced US financial pressure over its trade with Iran, a major supplier of oil to Beijing. In April, US Treasury Secretary Scott Bessent said two Chinese banks had been warned they could face secondary sanctions if Iranian funds were found passing through their accounts.
Gao argued that Moscow and Beijing should deepen their financial cooperation by expanding settlements in rubles and yuan and developing currency swap arrangements. Such mechanisms could reduce transaction costs, facilitate bilateral trade and help establish an alternative framework for international economic cooperation, he said.
China–Russia trade surged 32.1% year-on-year to $242.5 billion in January–October, exceeding the total for all of 2025, Chinese customs data showed Tuesday.
Russian Deputy Finance Minister Ivan Chebeskov said last month that rubles and yuan already account for nearly 100% of bilateral settlements.
Gao hopes bilateral trade will reach $300 billion by 2027 and eventually $1 trillion, arguing that Moscow and Beijing could pioneer a new model of economic cooperation.
“Developing China-Russia trade is not just about our two countries,” he said. “We are also trying to explore whether there is a better way forward.”
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