On Thursday, December 5, 2024, the acting Russian ambassador to Yemen, Yevgeny Kudrov, announced that he had met with the acting Chinese ambassador to explore their countries' potential support for Yemen's economy.

In a post on his official X account monitored by Barran Press, Kudrov stated, "I was pleased to discuss today with acting Chinese ambassador Shao Cheng the results of our recent visits to Aden and the possibilities for our countries to support Yemen economically."

The Russian and Chinese ambassadors conducted simultaneous visits to Aden, the country’s temporary capital, on November 21, where they met with members of the Presidential Leadership Council, including Aidarus al-Zubaidi and the internationally recognized Prime Minister Ahmed Obeid bin Dagher.

Additionally, the Chinese acting ambassador met with Minister of Industry and Trade Mohammed al-Ashwal and the Deputy Governor of the Central Bank of Yemen, Mohammed Omar Banajah, to discuss the current economic and financial situation and enhance cooperation between Yemen and China.

The internationally recognized Yemeni government is facing an unprecedented economic crisis, struggling to meet even its most basic financial obligations, such as paying government salaries and providing fuel for power generation. This situation has led the Central Bank in Aden to the brink of an undeclared bankruptcy.

The crisis is compounded by a dramatic decline in state revenues, which have dropped to their lowest levels ever due to the halt in oil and gas exports. This cessation followed Houthi attacks on the Al-Dabba oil terminal in October 2022, which targeted export operations.

Furthermore, the government is grappling with a severe balance of payments deficit, exacerbated by a sharp decline in government resources and increasing demand for foreign currency to cover import bills. Yemen imports over 90% of its food and basic needs from abroad.