March 26, 2023 – Turkey News Gazette

March 26, 2023

ROSEN, A HIGHLY RECOGNIZED LAW FIRM, Encourages Rollins, Inc. Investors to Inquire About Securities Class Action Investigation – ROL

NEW YORK, March 25, 2023 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Rollins, Inc. (NYSE: ROL) resulting from allegations that Rollins may have issued materially misleading business information to the investing public.

SO WHAT: If you purchased Rollins securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=2735 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

WHAT IS THIS ABOUT: On October 28, 2020, Rollins disclosed that a U.S. Securities and Exchange Commission (SEC) investigation had been initiated and believed the SEC’s focus to be how accruals and reserves were established at period ends and their impact on reported earnings going as far back as January 2015.

Then on February 26, 2021, Rollins announced that an internal investigation into the same matters found “a significant deficiency in the Company’s internal controls relating to the documentation and review of accounting entries for certain reserves and accruals.” On this news, Rollins share prices fell $0.87, or 2.5%, to close at $33.17 per share on February 26, 2021, damaging investors.

Then on April 18, 2022, the SEC announced that Rollins agreed to pay $8 million to settle the charges that Rollins made unsupported reductions to its accounting reserves to improperly boost its earnings per share. On this news, Rollins share price fell $0.55, or approximately 1.7%, to close at $34.29 on April 18, 2022, damaging investors.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

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Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com

GlobeNewswire Distribution ID 8795218

March 26, 2023

ROSEN, GLOBALLY RECOGNIZED INVESTOR COUNSEL, Encourages Norfolk Southern Corporation Investors with Losses in Excess of $100K to Secure Counsel Before Important Deadline in Securities Class Action – NSC

NEW YORK, March 25, 2023 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of Norfolk Southern Corporation (NYSE: NSC) between October 28, 2020 and March 3, 2023, both dates inclusive (the “Class Period”), of the important May 15, 2023 lead plaintiff deadline.

SO WHAT: If you purchased Norfolk Southern securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Norfolk class action, go to https://rosenlegal.com/submit-form/?case_id=12322 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 15, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: During the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company’s Precision Scheduled Railroading (“PSR”), including its use of longer, heavier trains staffed by fewer personnel, had led to the Company suffering increased train derailments and a materially increased risk of future derailments; (2) the Company’s PSR, including its use of longer, heavier trains staffed by fewer personnel, was part of a culture of increased risk-taking at the expense of reasonable safety precautions due to the Company’s near-term focus solely on profits; (3) the Company’s PSR, including its use of longer, heavier trains staffed by fewer personnel, rendered the Company more vulnerable to train derailments and train derailments with potentially more severe human, financial, legal, and environmental consequences; (4) the Company’s capital spending and replacement programs were designed to prioritize profits over the Company’s ability to provide safe, efficient, and reliable rail transportation services; (5) the Company’s lobbying efforts had undermined the Company’s ability to provide safe, efficient, and reliable rail transportation services; (6) the Company’s commitment to reducing operating expenses as part of its PSR goals undermined worker safety and the Company’s purported “commitment to an injury free workplace” because the Company’s PSR plan prioritized reducing expenses through fewer personnel, longer trains, and less spending on safety training, technology, and equipment such as hot bearing wayside detectors (a/k/a “hotboxes”) and acoustic sensors; (7) the Company’s rail services were, as a result of its adoption of PSR principles, more susceptible to accidents that could cause serious economic and bodily harm to the Company, the Company’s workers, the Company’s customers, third parties, and the environment; (8) the Company had failed to put in place responsive practices and procedures to minimize the threat to communities in the event that these communities suffered the derailment of a Norfolk Southern train carrying hazardous and toxic materials; and (9) as a result, defendants’ Class Period statements detailed above regarding the safety of Norfolk Southern’s operations were materially false and/or misleading.

To join the Norfolk Southern class action, go to https://rosenlegal.com/submit-form/?case_id=12322 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

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GlobeNewswire Distribution ID 8795240

March 26, 2023

ROSEN, NATIONAL TRIAL COUNSEL, Encourages Horizon Bancorp, Inc. Investors to Inquire About Class Action Investigation – HBNC

NEW YORK, March 25, 2023 (GLOBE NEWSWIRE) —

WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Horizon Bancorp, Inc. (NASDAQ: HBNC) resulting from allegations that Horizon Bank may have issued materially misleading business information to the investing public.

SO WHAT: If you purchased Horizon Bank securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=12953 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

WHAT IS THIS ABOUT: On March 10, 2023, after trading hours, Horizon Bank filed a current report on Form 8-K as well as a late filing notice with the Securities & Exchange Commission (“SEC”). In these filings, it announced that it had received a notice from NASDAQ as a result of failing to timely file its annual report, and that it had identified material weaknesses in its internal controls.

Specifically, the material weaknesses in internal controls issues related to “(i) accounting revisions of previously issued financial statements with respect to the classification of sold commercial loan participation balances, the reporting of indirect loan dealer reserve asset balances and related amortization expense and the classification of certain available for sale and held to maturity securities from private labeled mortgage-backed pools to federal agency mortgage pool, which revisions were previously disclosed in the Earnings Release and the Company’s Form 10-Q filings during 2022, in addition to errors in previously issued financial statement disclosures relating to the transfer of available for sale to held to maturity securities and the cash flow classification of repurchases of outstanding stock from an investing activity to a financing activity, which will be disclosed for the first time in the 2022 Form 10-K, and (ii) a calculation error in the Company’s public float as noted above.”

On this news, the price of Horizon Bank’s stock fell $1.43, or 10%, on March 13, 2023, the next trading day.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

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GlobeNewswire Distribution ID 8795495

March 26, 2023

ROSEN, LEADING INVESTOR COUNSEL, Encourages Western Alliance Bancorporation Investors to Inquire About Securities Class Action Investigation – WAL

NEW YORK, March 25, 2023 (GLOBE NEWSWIRE) —

WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Western Alliance Bancorporation (NYSE: WAL) resulting from allegations that Western Alliance may have issued materially misleading business information to the investing public.

SO WHAT: If you purchased Western Alliance securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=12994 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

WHAT IS THIS ABOUT: On March 10, 2023, Business Insider reported after Silicon Valley Bank’s $1.8 billion loss, shares of Western Alliance have crashed. The Company issued financial updates, “showing growing deposits and strong liquidity in the form $2.5 billion in cash on its balance sheet, a fully collateralized credit facility of $13.1 billion, and uncommitted credit lines of $4.6 billion.”

On this news, Western Alliance’s price fell $13.02 per share, or 20%, to close at $49.34 per share on March 10, 2023.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

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GlobeNewswire Distribution ID 8795493

March 26, 2023

ARBK MONDAY DEADLINE: ROSEN, LEADING TRIAL ATTORNEYS, Encourages Argo Blockchain plc Investors with Losses in Excess of $100K to Secure Counsel Before Important March 27 Deadline in Securities Class Action – ARBK

NEW YORK, March 25, 2023 (GLOBE NEWSWIRE) —

WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the American Depository Shares (“ADSs”) of Argo Blockchain plc (NASDAQ: ARBK): (i) pursuant and/or traceable to the Offering Documents issued in connection with the Company’s initial public offering conducted on or about September 23, 2021 (the “IPO” or “Offering”); and/or (ii) securities between September 23, 2021 and October 10, 2022, both dates inclusive (the “Class Period”), of the important March 27, 2023 lead plaintiff deadline.

SO WHAT: If you purchased Argo securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Argo class action, go to https://rosenlegal.com/submit-form/?case_id=11508 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than March 27, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, the Offering documents and defendants made false and/or misleading statements and/or failed to disclose that: (1) Argo was highly susceptible to and/or suffered from significant capital constraints, electricity and other costs, and network difficulties; (2) the foregoing issues hampered, inter alia, Argo’s ability to mine Bitcoin (BTC), execute its business strategy, meet its obligations, and operate its Helios facility; (3) as a result, Argo’s business was less sustainable than defendants had led investors to believe; (4) accordingly, Argo’s business and financial prospects were overstated; and (5) as a result, the Offering documents and defendants’ public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Argo class action, go to https://rosenlegal.com/submit-form/?case_id=11508 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

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GlobeNewswire Distribution ID 8795246

March 26, 2023

ROSEN, A GLOBALLY RESPECTED LAW FIRM, Encourages adidas AG Investors to Inquire About Securities Class Action Investigation – ADDYY, ADDDF

NEW YORK, March 25, 2023 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, continues its investigation of potential securities claims on behalf of shareholders of adidas AG (OTC: ADDYY, ADDDF) resulting from allegations that adidas may have issued materially misleading business information to the investing public.

SO WHAT: If you purchased adidas securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=12204 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

WHAT IS THIS ABOUT: On October 25, 2022, adidas ended its lucrative business partnership with Kanye West (under which it sold products designed by West under the brand name “Yeezy”) as a result of his anti-Semitic rhetoric.

On November 27, 2022, The Wall Street Journal published an article entitled “Adidas Top Executives Discussed Risk of Staff’s ‘Direct Exposure’ to Kanye West Years Ago.” According to the article, as early as 2018, adidas executives discussed ending the business partnership with West as a result of his behavior. Reportedly adidas feared continuing the relationship with West, as they feared it could “blow up” at any moment. The article added that West made anti-Semitic statements in front of adidas staff, and that he told adidas staff that he was considering naming an album after Adolf Hitler.

On February 9, 2023 adidas announced that “while the company continues to review future options for the utilization of its Yeezy inventory, this guidance already accounts for the significant adverse impact from not selling the existing stock. This would lower revenues by around € 1.2 billion and operating profit by around € 500 million this year.” Further, “should the company irrevocably decide not to repurpose any of the existing Yeezy product going forward, this would result in the write-off of the existing Yeezy inventory and would lower the company’s operating profit by an additional € 500 million this year. In addition, adidas expects one-off costs of up to € 200 million in 2023. These costs are part of a strategic review the company is currently conducting aimed at reigniting profitable growth as of 2024. If all these effects were to materialize, the company would expect to report an operating loss of € 700 million in 2023.” adidas’ CEO stated, “[t]he numbers speak for themselves. We are currently not performing the way we should[.]”

As a result of these adverse disclosures the price of adidas securities have fallen, damaging investors.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

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GlobeNewswire Distribution ID 8795244

March 26, 2023

IMF issues warning on global economic stability

The global economy faces a difficult year, as the fallout from the recent banking crises and the formation of rival economic blocs triggered by the Ukraine conflict threaten to undermine global economic stability. That's according to the head of the International Monetary Fund (IMF), Kristalina Georgieva, who was speaking at the China Development Forum in Beijing on Saturday.

According to Georgieva, 2023 will be “challenging” and is likely to see global growth slowing to below 3% “as scarring from the pandemic, the war in Ukraine, and monetary tightening weigh on economic activity.”

“Uncertainties are exceptionally high, including because of risks of geo-economic fragmentation which could mean a world split into rival economic blocs – a ‘dangerous division’ that would leave everyone poorer and less secure. Together, these factors mean that the outlook for the global economy over the medium-term is likely to remain weak,” she warned.

Georgieva also noted that the recent troubles in the banking sector, from the collapse of several lenders in the US to the near-insolvency of Switzerland’s second-largest bank, Credit Suisse, exposed vulnerabilities in the global financial system, which will need to be addressed as the year progresses.

“Risks to financial stability have increased. At a time of higher debt levels, the rapid transition from a prolonged period of low interest rates to much higher rates – necessary to fight inflation – inevitably generates stresses and vulnerabilities, as evidenced by recent developments in the banking sector in some advanced economies.”

Georgieva praised the recent efforts of policymakers to support the global banking system by enhancing the provision of US dollar liquidity, saying they “have acted decisively in response to financial stability risks.” She noted, however, that the measures have only “eased market stress to some extent, but uncertainty is high, which underscores the need for vigilance.”

Georgieva noted, however, that the outlook for the global economy is not “all bad.”

“We can see some ‘green shoots’, including in China. Here the economy is seeing a strong rebound, and the IMF’s January forecast puts GDP growth at 5.2% this year... Driving this growth is the anticipated rebound of private consumption as the economy has reopened and activity has normalized,” she stated. The IMF head added that China is set to account for around one third of global growth in 2023, which would give “a welcome lift to the world economy.”

“And beyond the direct contribution to global growth, our analysis shows that a 1% increase in GDP growth in China leads to 0.3% increase in growth in other Asian economies, on average – a welcome boost.”

Source: Russia Today

March 26, 2023

IMF says China will account for one-third of global growth in 2023

China is projected to give a significant boost to the world economy, accounting for about a third of global growth in 2023, the managing director of the International Monetary Fund said on Sunday. 'The robust rebound means China is set to account for around one third of global growth in 2023 - giving a welcome lift to the world economy,' Kristalina Georgieva said at the 2023 China Development Forum in the capital Beijing. According to the IMF analysis, a 1% point increase in GDP growth in China will lead to a 0.3% point increase in growth in other Asian economies, she said. Although uncertainties are exceptionally high, she said news of the world economy is not all bad as there are some 'green shoots,' including in China. 'With such a solid recovery, China can now build on positive momentum and - through comprehensive policies - stay on the growth path towards convergence with advanced economies,' she added. IMF research also shows that productivity-enhancing reforms in China could lift real GDP by as much as 2.5% by 2027, and by around 18% by 2037 - growth that would be both higher quality and more inclusive.

Source: Anadolu Agency

March 26, 2023

Putin highlights EU’s growing dependence on China

Russian President Vladimir Putin has dismissed claims of Russia’s growing economic dependence on China, saying in an interview with Russia 24 TV on Saturday that Brussels has much more to worry about in this regard than Moscow.

When asked by interviewer Pavel Zarubin about Moscow’s alleged overreliance on trade with Beijing, Putin replied by saying that those are the “words not of skeptics but of enviers.” According to the president, there have always been forces seeking to drive a wedge first between China and the USSR and later between China and Russia.

The Russian leader also warned that the EU should be worried not about Russia’s trade policies but about its own relations with Beijing. “Dependence of the European economy on China … is growing much faster than that of Russia,” he said, adding that “trade volume between China and the ‘united Europe’ is increasing at a very high rate.” “They [the EU] should rather look after themselves,” the president added.

According to the EU statistics agency, Eurostat, trade volumes between the bloc and China have been steadily growing since at least 2015, with a particularly high growth rate over the past two years.

Between 2012 and 2022, EU imports from China nearly tripled, with chemicals, machinery and what are classified as “other manufactured goods” accounting for the lion’s share of Beijing’s exports to the bloc. The EU’s own exports to China almost doubled over the same period.

In 2022, China was the EU’s largest source of imports with a share above 20% of the bloc’s total imports. The second-largest share belonged to the US, but the figure was far behind at 11.9%. The trade balance between China and the EU has also been shifting heavily in Beijing’s favor. In 2022, Eurostat reported a trade deficit to China of €395.7 billion ($426.6 billion).

Russia’s trade turnover with China has also been rapidly growing in recent years. In 2021, it increased by 35.8% to reach $146.8 billion, TASS reported. In 2022, it grew further by 29.3% to $190.3 billion, reaching an all-time high. The growth was mostly a result of Russia’s increased exports to China, the Chinese customs service reported in January 2023.

According to Chinese officials, Russia’s exports to China grew by 43.4% to $114 billion in 2022, while Moscow’s imports from China increased by 12.8% to $76.12 billion over the same period. Last year, Russia had a positive trade balance with China of $38 billion, according to TASS.

Source: Russia Today