From ‘Meanwhile in Ukraine’: Russia becomes a resource colony of China, and the yuan will be the main currency of trade in the country by the end of 2023
Russia offers China natural resources in exchange for support, which the #Kremlin considers critical to the continuation of the war in #Ukraine, a source close to the Kremlin told the Financial Times.
Last year, #Russia increased its oil exports to #China by nearly 10%, coal by 21% and gas by 1.5 times, becoming its largest supplier for the first time. China in return sent $4.8 billion worth of electronics and technology to Russia, replacing Western companies that left.
Russia, #Putin said during the meeting with #Xi, intends to provide “uninterrupted oil supplies” to China, as well as sharply increase gas exports. “The total volume of gas supplies by 2030 will be at least 98 billion cubic meters, plus 100 million tons of LNG,” Putin said.
The volume Putin announced is all the gas that Russia, according to the plan, should produce by 2030, Interfax notes.
“The logic of events dictates that we are fully becoming a resource colony of China. Our servers will be from Huawei.
The sanctions have further highlighted the asymmetrical nature of Russian-Chinese relations, a senior fellow at the International Institute for Strategic Studies: “It’s hard to hide the fact that Russia is now a junior partner.”