An employee counts Russian ruble banknotes at a private company's office in Krasnoyarsk, Siberia, December 17, 2014.
An employee counts Russian ruble banknotes at a private company's office in Krasnoyarsk, Siberia, December 17, 2014. REUTERS/Ilya Naymushin (RUSSIA - Tags: BUSINESS) REUTERS/Ilya Naymushin

China has pledged to extend financial aid to Russia and challenged NATO's policy of cutting off credit to Moscow. The Russian economy is predicted to slide into recession in 2015 as the rouble continues to decline amid falling oil prices.

Chinese Foreign Minister Wang Yi recently pointed out the need for mutual aid between China and Russia in reaction to the rouble crisis. Russia's currency has seen a drastic decline of 45 percent against the dollar. Wang said Russia has the ability to overcome the current crisis and pledged China's assistance if Moscow needs it.

World Socialist reported that Chinese Commerce Minister Gao Hucheng told local media that China would strengthen ties with Russia in manufacturing and energy. He predicted that the trade between China and Russia would generate $100 billion despite the rouble crisis. Gao has proposed to shift from the dollar in financing Chinese-Russian to the Chinese yuan.

Gao said China would focus on factors that will complement both the economies of Russia and China. Reuters reported that Gao believes capital investors may be more interested in putting their money in volatile stock or the foreign exchange market. He added that Russia and China will push through with their agreements.

China's offer of assistance comes amid the economic war on Russia caused by the West as a penalty for Russia's intervention in the Ukraine crisis. NATO powers had sought to apply sanctions on Russia to force Moscow to withdraw its forces from Ukraine.

Meanwhile, Russian Foreign Ministry spokesman Alexander Lukashevich said the introduction of new sanctions by the U.S. against several Russian citizens, the Syrian crisis and other matters will not be left alone without a response. He accused Russia of coming out with new sanctions that was seen as a move to shake the foundations of bilaterial relations, according to a report by TASS.

Lukashevich added that Washington was using double standards and holding human rights against Russia. He said the Obama administration was trying hard to spread its own laws around the world and "dictate" conditions to everyone. He warned that no "pressure methods" will work on Russia and such unfriendly measures will not be left without a response.

Contact: r.su@ibtimes.com.au

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