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Ian Bremmer is the president of the Eurasia Group, and he explains why UN Ambassador Haley is standing up for herself.

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Xi Jinping and Vladimir Putin
Australia & New Zealand Banking Group analysts wrote that Russia's roughly $140 billion makes up almost a quarter of all foreign ownership in China's domestic bond market.Xinhua/Ju Peng via Getty Images, Sergei Guneyev/SPUTNIK/AFP via Getty Images
  • According to estimates by analysts, Russia has around $140 billion in Chinese bonds.

  • The Bank of Russia and the National Wealth Fund hold the debts.

  • The bonds could be used to cushion the blow from Western sanctions.

According to estimates by the Australia and New Zealand Banking Group, Russia's central bank and fund own around $140 billion in Chinese bonds.

Analysts at the group said in a report Wednesday that this could be used to cushion the blow from sanctions imposed on Russia.

The estimates suggest that the Bank of Russia could hold around $80 billion of debt, while the National Wealth Fund could own $60 billion.

Almost a quarter of all foreign ownership in China's domestic bond market is from Russia, according to analysts.

Western nations imposed huge financial sanctions on Russia after it invaded Ukraine. Actions so far include blocking transactions from the central bank, barring Russian aircraft from their airspace, and banning some bands from using SWIFT.

As other countries cut ties with Russia, China said it opposed Western sanctions and was unwilling to criticize Russia over the invasion.

Russia could be able to access major foreign assets and currency if it liquidates its China bond holdings.

Russia could use both its yuan assets and China's SWIFT alternative for cross-border transactions to reduce the impact of some sanctions.

The original article is on Business Insider.

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