IBOV 173,325.65 ▼ 0.03% IPSA 10,954.04 ▲ 0.52% IPC MEX 66,709.60 ▲ 0.88% MERVAL 3,281,979 ▲ 1.81% COLCAP 2,301.34 ▲ 0.13% BVL PERÚ 56,620.35 — — USD/BRL5.07▼ 0.04% USD/MXN17.41▼ 0.03% USD/CLP934.18▼ 0.03% USD/COP3,220▼ 1.11% USD/PEN3.40▲ 0.07% USD/ARS1,478▼ 0.27% USD/UYU40.11▲ 1.23% USD/PYG6,045▲ 1.76% USD/BOB10.80▲ 2.69% USD/DOP58.02▼ 0.31% USD/CRC446.12▲ 1.15% USD/GTQ7.62▲ 2.33% USD/HNL26.74▲ 1.61% USD/NIO36.62▲ 0.72% USD/VES735.39▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.79▲ 0.73% USD/TTD6.73▲ 1.11% EUR/BRL5.79▼ 0.60% BRENT 94.62 ▲ 3.97% WTI 87.88 ▲ 3.50% IRON ORE 161.91 — — COPPER 6.52 ▲ 0.15% GOLD 4,125 ▲ 1.33% SILVER 59.83 ▲ 1.68% SOY 1,223 ▲ 0.31% CORN 478.00 ▲ 5.58% WHEAT 682.25 ▲ 0.63% COFFEE 306.00 ▼ 7.82% SUGAR 14.86 ▼ 0.13% ORANGE JUICE 142.30 ▼ 3.46% COTTON 80.36 ▲ 1.77% COCOA 5,640 ▲ 0.59% BEEF 223.05 ▼ 1.53% CATTLE 344.88 ▼ 2.02% LITHIUM 69.08 ▲ 3.23% PETR4 41.66 ▲ 1.24% VALE3 72.37 ▲ 0.61% ITUB4 42.53 ▲ 0.54% BBDC4 18.55 ▲ 0.76% ABEV3 15.80 ▲ 0.06% BBAS3 20.88 ▲ 3.52% B3SA3 15.17 ▼ 0.59% WEGE3 42.47 ▼ 1.53% PRIO3 58.18 ▲ 0.85% SUZB3 41.63 ▼ 0.62% RENT3 36.55 ▼ 2.51% AZZA3 17.48 ▼ 3.80% CSAN3 3.78 ▼ 1.05% RAIZ4 0.27 — 0.00% PCAR3 2.73 ▲ 5.00% GMAT3 3.83 ▼ 0.52% PSSA3 53.48 ▼ 1.33% CVCB3 1.12 ▲ 3.70% POSI3 3.68 ▼ 0.54% SLCE3 13.75 ▲ 1.33% NATU3 8.71 ▲ 0.93% BRKM5 5.71 ▼ 3.87% RANI3 7.89 ▼ 1.25% CSNA3 5.06 ▼ 0.20% CMIN3 5.58 ▲ 3.53% USIM5 8.46 ▲ 3.68% GGBR4 23.49 ▼ 0.55% ENEV3 25.42 ▼ 0.90% CPFE3 46.40 ▲ 0.17% CMIG4 11.02 — 0.00% EQTL3 38.83 ▼ 1.17% LREN3 13.27 ▼ 0.30% VIVT3 35.80 ▲ 0.36% RAIL3 13.24 ▼ 2.43% KLABIN 17.59 ▲ 0.63% RAIA DROGASIL 18.13 ▼ 3.00% RDOR3 33.92 ▼ 4.32% HAPV3 11.24 ▼ 2.68% FLRY3 16.55 ▼ 0.06% SMTO3 15.58 ▲ 1.10% UGPA3 31.82 ▲ 0.38% VBBR3 33.95 ▼ 0.47% BBSE3 41.55 ▲ 1.22% BPAC11 55.37 ▼ 0.84% CURY3 29.95 ▼ 0.80% AERI3 2.04 ▼ 1.45% VIVARA 21.41 ▼ 2.50% COMPASS 24.44 ▼ 0.65% VAMOS 3.09 — 0.00% SANB11 27.21 ▲ 0.74% ASAI3 8.25 ▲ 1.35% SBSP3 28.60 ▼ 1.31% WALMEX 49.15 ▼ 0.47% GMEXICO 209.54 ▲ 4.34% FEMSA 226.99 ▲ 0.01% CEMEX 22.07 ▲ 0.87% GFNORTE 185.80 ▲ 3.22% BIMBO 59.39 ▼ 0.18% TELEVISA 9.70 ▼ 0.10% AMX 22.76 ▲ 0.09% GAP 378.85 ▲ 0.17% ASUR 274.96 ▲ 0.22% OMA 225.89 ▼ 0.24% KOF 181.05 ▲ 0.13% GRUMA 282.60 ▼ 1.74% KIMBER 38.40 ▲ 0.03% SQM-B 64,540 ▲ 2.25% COPEC 6,450 ▲ 4.03% BSANTANDER 79.01 ▲ 3.84% FALABELLA 5,919 ▲ 0.75% ENELAM 84.53 ▲ 0.50% CENCOSUD 2,028 ▲ 1.66% CMPC 1,084 ▲ 1.67% BANCO CHILE 190.01 ▲ 1.89% LATAM AIR 24.20 ▼ 0.86% YPF 80,625 ▲ 1.80% GGAL 7,965 ▲ 1.53% PAMPA 5,475 ▲ 3.89% TXAR 679.00 ▲ 1.27% ALUAR 973.00 ▲ 1.41% TGS 9,710 ▲ 2.21% CEPU 2,340 ▲ 2.23% MIRGOR 16,775 ▼ 2.04% COME 42.87 ▼ 0.19% LOMA NEGRA 3,605 ▲ 0.91% BYMA 292.25 ▼ 0.51% TELECOM ARG 4,255 ▲ 2.65% ECOPETROL 16.53 ▲ 3.09% BANCOLOMBIA 83.64 ▲ 3.49% GRUPO AVAL 5.09 ▲ 2.83% CREDICORP 391.10 ▲ 1.10% SOUTHERN COPPER 188.01 ▲ 7.39% BUENAVENTURA 31.25 ▲ 3.96% MERCADOLIBRE 1,823 ▼ 0.53% NUBANK 14.39 ▲ 2.86% XP 16.85 ▲ 0.30% PAGSEGURO 9.58 ▲ 3.12% STONE 11.26 ▲ 1.21% GLOBANT 32.10 ▼ 0.59% TECNOGLASS 45.15 ▼ 2.08% GAP AIRPORT 217.68 ▲ 0.26% ASUR 274.96 ▲ 0.22% OMA AIRPORT 104.23 ▲ 0.21% AMX ADR 26.09 ▼ 0.04% FEMSA ADR 130.35 ▲ 0.26% CEMEX ADR 12.70 ▲ 1.68% PETROBRAS ADR 18.54 ▲ 1.92% VALE ADR 14.25 ▲ 1.06% ITAU ADR 8.40 ▲ 0.96% SANTANDER BR 5.40 ▲ 0.56% AMBEV ADR 3.11 ▲ 0.97% CSN 1.01 ▼ 0.50% GERDAU 4.64 ▼ 0.85% LATAM ADR 51.58 ▼ 0.31% BTC 65,851 ▼ 0.98% ETH 1,920 ▼ 0.45% SOL 77.27 ▼ 1.07% XRP 1.13 ▼ 0.80% BNB 568.87 ▼ 0.82% ADA 0.17 ▼ 0.43% DOGE 0.07 ▼ 1.20% AVAX 6.49 ▼ 1.09% LINK 8.60 ▼ 0.52% DOT 0.84 ▼ 1.04% LTC 46.45 ▼ 0.78% BCH 220.67 ▼ 1.35% TRX 0.33 ▼ 0.07% XLM 0.19 ▼ 1.28% HBAR 0.07 ▲ 2.15% NEAR 1.88 ▼ 3.16% ATOM 1.47 ▼ 1.22% AAVE 95.25 ▼ 0.34% SELIC 14.25% EMBRAER 82.65 ▼ 0.77% EMBRAER ADR 65.47 ▼ 0.70% JBS 11.95 ▼ 0.67% JBS BDR 60.22 ▼ 0.94% MBRF3 15.11 ▲ 4.06% MBRFY 2.95 ▲ 1.37% INTER 5.58 ▼ 0.71% EGX 54,069 ▲ 0.15% USD/ZAR16.45▼ 0.13% USD/NGN 1,376 — 0.00% NIKKEI 66,116 ▼ 0.18% CSI300 4,717 ▼ 0.46% HSI 24,893 ▼ 0.95% NIFTY 23,986 ▼ 0.83% KOSPI 6,798 ▲ 0.74% JCI 6,334 ▼ 0.09% USD/JPY162.98▼ 0.12% USD/CNY6.76▼ 0.08% DAX 25,204 ▲ 0.77% CAC 8,446 ▲ 1.00% FTSE 10,720 ▲ 1.26% MIB 52,789 ▲ 0.96% IBEX 19,606 ▲ 1.16% STOXX 647.11 ▲ 0.61% EUR/USD1.14▲ 0.12% GBP/USD1.34▼ 0.45% SPX 7,509 ▲ 0.89% DJI 52,225 ▲ 0.74% NDX 29,155 ▲ 1.93% RUT 2,987 ▲ 1.53% TSX 35,369 ▲ 1.17% VIX 17.37 ▲ 1.88% USD/CAD1.41▼ 0.09% US10Y 4.6280 ▲ 0.65% IBOV 173,325.65 ▼ 0.03% IPSA 10,954.04 ▲ 0.52% IPC MEX 66,709.60 ▲ 0.88% MERVAL 3,281,979 ▲ 1.81% COLCAP 2,301.34 ▲ 0.13% BVL PERÚ 56,620.35 — — USD/BRL 5.07 ▼ 0.04% USD/MXN 17.40 ▼ 0.05% USD/CLP 934.18 ▼ 0.03% USD/COP 3,220 ▼ 1.11% USD/PEN 3.40 ▲ 0.07% USD/ARS 1,478 ▼ 0.27% USD/UYU 40.11 ▲ 1.23% USD/PYG 6,045 ▲ 1.76% USD/BOB 10.80 ▲ 2.69% USD/DOP 58.02 ▲ 0.31% USD/CRC 446.12 ▲ 1.15% USD/GTQ 7.62 ▲ 2.33% USD/HNL 26.74 ▲ 1.61% USD/NIO 36.62 ▲ 0.72% USD/VES 735.39 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.79 ▲ 0.55% USD/TTD 6.73 ▲ 1.02% EUR/BRL 5.79 ▼ 0.60% BRENT 94.62 ▲ 3.97% WTI 87.88 ▲ 3.50% IRON ORE 161.91 — — COPPER 6.52 ▲ 0.15% GOLD 4,125 ▲ 1.33% SILVER 59.83 ▲ 1.68% SOY 1,223 ▲ 0.31% CORN 478.00 ▲ 5.58% WHEAT 682.25 ▲ 0.63% COFFEE 306.00 ▼ 7.82% SUGAR 14.86 ▼ 0.13% ORANGE JUICE 142.30 ▼ 3.46% COTTON 80.36 ▲ 1.77% COCOA 5,640 ▲ 0.59% BEEF 223.05 ▼ 1.53% CATTLE 344.88 ▼ 2.02% LITHIUM 69.08 ▲ 3.23% PETR4 41.66 ▲ 1.24% VALE3 72.37 ▲ 0.61% ITUB4 42.53 ▲ 0.54% BBDC4 18.55 ▲ 0.76% ABEV3 15.80 ▲ 0.06% BBAS3 20.88 ▲ 3.52% B3SA3 15.17 ▼ 0.59% WEGE3 42.47 ▼ 1.53% PRIO3 58.18 ▲ 0.85% SUZB3 41.63 ▼ 0.62% RENT3 36.55 ▼ 2.51% AZZA3 17.48 ▼ 3.80% CSAN3 3.78 ▼ 1.05% RAIZ4 0.27 — 0.00% PCAR3 2.73 ▲ 5.00% GMAT3 3.83 ▼ 0.52% PSSA3 53.48 ▼ 1.33% CVCB3 1.12 ▲ 3.70% POSI3 3.68 ▼ 0.54% SLCE3 13.75 ▲ 1.33% NATU3 8.71 ▲ 0.93% BRKM5 5.71 ▼ 3.87% RANI3 7.89 ▼ 1.25% CSNA3 5.06 ▼ 0.20% CMIN3 5.58 ▲ 3.53% USIM5 8.46 ▲ 3.68% GGBR4 23.49 ▼ 0.55% ENEV3 25.42 ▼ 0.90% CPFE3 46.40 ▲ 0.17% CMIG4 11.02 — 0.00% EQTL3 38.83 ▼ 1.17% LREN3 13.27 ▼ 0.30% VIVT3 35.80 ▲ 0.36% RAIL3 13.24 ▼ 2.43% KLABIN 17.59 ▲ 0.63% RAIA DROGASIL 18.13 ▼ 3.00% RDOR3 33.92 ▼ 4.32% HAPV3 11.24 ▼ 2.68% FLRY3 16.55 ▼ 0.06% SMTO3 15.58 ▲ 1.10% UGPA3 31.82 ▲ 0.38% VBBR3 33.95 ▼ 0.47% BBSE3 41.55 ▲ 1.22% BPAC11 55.37 ▼ 0.84% CURY3 29.95 ▼ 0.80% AERI3 2.04 ▼ 1.45% VIVARA 21.41 ▼ 2.50% COMPASS 24.44 ▼ 0.65% VAMOS 3.09 — 0.00% SANB11 27.21 ▲ 0.74% ASAI3 8.25 ▲ 1.35% SBSP3 28.60 ▼ 1.31% WALMEX 49.15 ▼ 0.47% GMEXICO 209.54 ▲ 4.34% FEMSA 226.99 ▲ 0.01% CEMEX 22.07 ▲ 0.87% GFNORTE 185.80 ▲ 3.22% BIMBO 59.39 ▼ 0.18% TELEVISA 9.70 ▼ 0.10% AMX 22.76 ▲ 0.09% GAP 378.85 ▲ 0.17% ASUR 274.96 ▲ 0.22% OMA 225.89 ▼ 0.24% KOF 181.05 ▲ 0.13% GRUMA 282.60 ▼ 1.74% KIMBER 38.40 ▲ 0.03% SQM-B 64,540 ▲ 2.25% COPEC 6,450 ▲ 4.03% BSANTANDER 79.01 ▲ 3.84% FALABELLA 5,919 ▲ 0.75% ENELAM 84.53 ▲ 0.50% CENCOSUD 2,028 ▲ 1.66% CMPC 1,084 ▲ 1.67% BANCO CHILE 190.01 ▲ 1.89% LATAM AIR 24.20 ▼ 0.86% YPF 80,625 ▲ 1.80% GGAL 7,965 ▲ 1.53% PAMPA 5,475 ▲ 3.89% TXAR 679.00 ▲ 1.27% ALUAR 973.00 ▲ 1.41% TGS 9,710 ▲ 2.21% CEPU 2,340 ▲ 2.23% MIRGOR 16,775 ▼ 2.04% COME 42.87 ▼ 0.19% LOMA NEGRA 3,605 ▲ 0.91% BYMA 292.25 ▼ 0.51% TELECOM ARG 4,255 ▲ 2.65% ECOPETROL 16.53 ▲ 3.09% BANCOLOMBIA 83.64 ▲ 3.49% GRUPO AVAL 5.09 ▲ 2.83% CREDICORP 391.10 ▲ 1.10% SOUTHERN COPPER 188.01 ▲ 7.39% BUENAVENTURA 31.25 ▲ 3.96% MERCADOLIBRE 1,823 ▼ 0.53% NUBANK 14.39 ▲ 2.86% XP 16.85 ▲ 0.30% PAGSEGURO 9.58 ▲ 3.12% STONE 11.26 ▲ 1.21% GLOBANT 32.10 ▼ 0.59% TECNOGLASS 45.15 ▼ 2.08% GAP AIRPORT 217.68 ▲ 0.26% ASUR 274.96 ▲ 0.22% OMA AIRPORT 104.23 ▲ 0.21% AMX ADR 26.09 ▼ 0.04% FEMSA ADR 130.35 ▲ 0.26% CEMEX ADR 12.70 ▲ 1.68% PETROBRAS ADR 18.54 ▲ 1.92% VALE ADR 14.25 ▲ 1.06% ITAU ADR 8.40 ▲ 0.96% SANTANDER BR 5.40 ▲ 0.56% AMBEV ADR 3.11 ▲ 0.97% CSN 1.01 ▼ 0.50% GERDAU 4.64 ▼ 0.85% LATAM ADR 51.58 ▼ 0.31% BTC 65,851 ▼ 0.98% ETH 1,920 ▼ 0.45% SOL 77.27 ▼ 1.07% XRP 1.13 ▼ 0.80% BNB 568.87 ▼ 0.82% ADA 0.17 ▼ 0.43% DOGE 0.07 ▼ 1.20% AVAX 6.49 ▼ 1.09% LINK 8.60 ▼ 0.52% DOT 0.84 ▼ 1.04% LTC 46.45 ▼ 0.78% BCH 220.67 ▼ 1.35% TRX 0.33 ▼ 0.07% XLM 0.19 ▼ 1.28% HBAR 0.07 ▲ 2.15% NEAR 1.88 ▼ 3.16% ATOM 1.47 ▼ 1.22% AAVE 95.25 ▼ 0.34% SELIC 14.25% EMBRAER 82.65 ▼ 0.77% EMBRAER ADR 65.47 ▼ 0.70% JBS 11.95 ▼ 0.67% JBS BDR 60.22 ▼ 0.94% MBRF3 15.11 ▲ 4.06% MBRFY 2.95 ▲ 1.37% INTER 5.58 ▼ 0.71% EGX 54,069 ▲ 0.15% USD/ZAR 16.45 ▼ 0.05% USD/NGN 1,376 — 0.00% NIKKEI 66,116 ▼ 0.18% CSI300 4,717 ▼ 0.46% HSI 24,893 ▼ 0.95% NIFTY 23,986 ▼ 0.83% KOSPI 6,798 ▲ 0.74% JCI 6,334 ▼ 0.09% USD/JPY 162.98 ▼ 0.10% USD/CNY 6.7604 ▲ 0.05% DAX 25,204 ▲ 0.77% CAC 8,446 ▲ 1.00% FTSE 10,720 ▲ 1.26% MIB 52,789 ▲ 0.96% IBEX 19,606 ▲ 1.16% STOXX 647.11 ▲ 0.61% EUR/USD 1.1412 ▲ 0.07% GBP/USD 1.3369 ▼ 0.07% SPX 7,509 ▲ 0.89% DJI 52,225 ▲ 0.74% NDX 29,155 ▲ 1.93% RUT 2,987 ▲ 1.53% TSX 35,369 ▲ 1.17% VIX 17.37 ▲ 1.88% USD/CAD 1.4094 ▼ 0.09% US10Y 4.6280 ▲ 0.65%
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Wednesday, July 22, 2026

Analysis China

Chinese Drones Fuel Russia’s Increased Attacks on Ukraine

By · October 23, 2024 · 3 min read

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(Analysis) China has openly declared its support for Russia in the ongoing conflict with Ukraine. The U.S. Treasury Department has confirmed that two Chinese companies are producing drones used in attacks on Ukrainian cities, intensifying the war.

The U.S. has sanctioned these firms, Xiamen Limbach Aircraft Engine Co. and Redlepus Vector Industry Shenzhen Co. Ltd., for their roles in manufacturing the “Garpiya 3” drones.

Xiamen Limbach produces the drone engines, while Redlepus collaborates with Russian company TSK Vector OOO to supply components from China to Russia.

These parts are crucial for Russia’s drone production, which is managed by IEM Kupol, a subsidiary of the Almaz-Antey Group owned by Artem Mikhailovich Yamshchikov.

Kupol and Redlepus established a factory in Izhevsk, Russia, in 2023 to produce 2,500 Garpiya 3 drones annually, having already delivered 2,000 units this year.

Chinese Drones Fuel Russia's Increased Attacks on Ukraine
Chinese Drones Fuel Russia’s Increased Attacks on Ukraine. (Photo Internet reproduction)
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The Garpiya 3 is a redesign of the Russian Garpiya 1 by Chinese engineers and uses a German-designed Limbach L550E engine produced in China.

These drones can travel between 1,500 and 2,000 kilometers and carry a 55 kg explosive warhead. Their low altitude flight and mass deployment make them difficult to detect, highlighting China’s crucial role in increasing production.

China’s Retaliation and Arms Trade

In response to U.S. sanctions, China retaliated by sanctioning three American companies—Edge Autonomy Operations, Huntington Ingalls Industries, and Skydio—for supplying drones to Taiwan.

This move follows previous actions by China against U.S. firms involved in arms sales to Taiwan. Despite claiming neutrality, China’s actions show clear support for Russia.

By supplying drone engines alone, China enables Russia to produce 8,500 drones annually, including the Sahed and Garpiya models. Additionally, China plays a significant role in supplying components for ballistic missiles used by Iran and Russia.

The U.S. Treasury recently sanctioned Beijing Shiny Nights Technology Development Co. (SNTD), based in Beijing and Tehran, for acting as a front for Iran’s Ministry of Defense to acquire missile components.

SNTD employee Sayyed Ali Seraj Hashemi was involved in purchasing accelerometers and gyroscopes for missile guidance systems alongside Saeed Hamidi Javar, an Iranian government agent.

Iran’s Organization of Aerospace Industries (OIA), part of its Ministry of Defense, produces missiles used against Ukraine and Israel.

This includes Fath360 missiles supplied to Russia. China’s involvement extends to redesigning and producing thousands of Garpiya 3 drones now targeting Ukrainian civilians.

Implications for Ukraine and Global Power Dynamics

North Korea supplies missiles to Russia, with China playing a facilitating role. China absorbs 60% of North Korea’s foreign trade but does not use its economic influence to curb aggression.

Instead, China continues supporting Russia and Iran’s military campaigns while allowing North Korea’s involvement in Ukraine.

Two key reflections arise from this situation. First, Russia’s reliance on allies confirms its limited capacity for missile and drone production, a consequence of sanctions.

Second, Western hesitance in aiding Ukraine contrasts with the unified front formed by Russia, Iran, North Korea, and China.

Between February 2022 and August 2023, Russia launched nearly 14,000 drones against Ukraine—averaging 479 per month or about 5,746 per year.

With Chinese assistance, this number could increase to 8,500 annually. Statistics show that until August, Russia launched over 6,200 missiles and drones at civilian targets and military installations.

In addition, China’s support increases Russia’s drone availability by 48%, overwhelming Ukrainian air defenses and raising the likelihood of civilian casualties.

Russian models like the KUB from Kalashnikov and imported Shahed drones bolster Putin’s siege on Ukraine. In September alone, Russia launched 1,399 Shahed drones—a record high.

If Ukraine loses U.S. support under a potential Trump presidency, it must rely on remaining allies against this expanding autocratic coalition that shows little restraint.

Ultimately, China’s involvement alongside Iran and North Korea marks this as a global conflict centered on Ukraine. While the West deliberates its response, autocracies continue to expand their arsenals.

China’s support of Putin’s destructive capabilities, along with the growing involvement of Kim Jong Un and Ali Khamenei, is becoming increasingly evident.

China holds the key to halting drone and missile production in Russia and Iran but instead chooses to bolster its autocratic allies openly. The situation escalates as Chinese-made drones fly over Western complacency.

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