SHANGHAI, (Reuters) – A rising number of Chinese companies with business in Ukraine and Russia claim that the crisis has limited impact. They sought to reassure investors by pointing out the limited scale of Chinese investments in the region, which is dominated by state-owned firms.

After Russia invaded Ukraine on Thursday, the United States President Joe Biden imposed a slew of sanctions against Moscow. These measures impede Russia from doing business with major currencies.

Guizhou Chanhen Chemical Corp said, among other things, that it has very little business in Russia and Ukraine, which is why there is almost no impact.

Jiangsu Provincial Agricultural Reclamation and Development Co had announced previously that it would invest 33 millions yuan ($5.22m) to create a Ukrainian subsidiary. The plan was put on hold by political instability, according to the China Securities Journal.

China and Russia announced a partnership with “no limitations” earlier this month. They pledged to work more together against the West. Although the neighbours have closer ties due to geopolitics and greater economic and financial integration, they are still not in the same league.

Alexander Gabuev is a senior fellow at Carnegie Moscow Center and the chair of Russia in Asia-Pacific Program.

According to him, most Chinese investments in Russia by Chinese are made through state-owned enterprises, with a focus on energy.

Sanchuan Wisdom Technology Co., a Chinese manufacturer of water meters, stated to investors it had limited Russian exports through a subsidiary. Medical System Biotechnology Co. said that its Ukraine business was responsible for only a portion of its revenues.

Some businesses even suggest they might benefit from geopolitical tensions.

Beijing Highlander Digital Technology Co., which produces marine electronic technology systems said their product can track maritime activities during times of war “so that we avoid situations like the Russia-Ukraine Conflict, in which the Odessa seaport was rapidly overwhelmed.”

Shenzhen Forms Syntron Information Co responded to an investor’s query about Russia’s financial sanctions. It said it was looking into the possibility of using China’s digital currency in cross-border transactions.

($1 = 6.3177 renminbi)