The number of coronavirus cases in China now exceeds 30,000, and the risks outside of the country are growing, not just in terms of the number of people infected but also in terms of the economic impact. The economic costs are difficult to gauge right now because the full ramifications may not appear for another couple months. Still, Russia and the countries of Central Asia have been among the first to feel the effects. In addition to sharing a border with these states, China is a top trading partner for them. It’s the largest supplier of component parts widely used in their domestic industrial sectors and one of the largest export destinations for the energy and metallurgy sectors. The decline in Chinese demand and the subsequent decline in the price of commodities, including oil, could take a toll on the already fragile economies of this region.
Coronavirus: The Risks to Russia and Central Asia
The countries of this region have already started to close border crossings to contain the virus' spread.