Chinese leader Xi Jinping is keeping the West guessing about whether Beijing will cooperate with tougher sanctions on Russia as he meets Vladimir Putin a year after declaring they had a 'no limits' friendship ahead of the Kremlin's invasion of Ukraine.
Beijing-Moscow relations were chilly during the Soviet era but the two sides have formed a political marriage of convenience since the 1990s, united by shared frustration with U.S. dominance of global affairs.
“China will be a much larger partner of Russia by the end of this year, and especially in the coming years, when the oil embargo will fully work and gas exports to the EU will drop, possibly to zero, except for what gets through the Turkish stream,” Gabuev said.helping to top up Russia’s cash flow in the face of Western sanctions. China spent 60% more on Russian oil and gas in August than a year earlier, according to customs data.
China, the biggest global energy consumer, has one of the biggest tanker fleets and its own insurers, which would allow Beijing to operate outside G7 curbs. Gazprom agreed last week to let state-owned China National Petroleum Corp. pay in Russian rubles or Chinese yuan instead of dollars. That works in China’s favor, because few other exporters accept yuan, which makes Russia more likely to buy Chinese goods.
Merchants in Fujairah, a port in the United Arab Emirates, blend cargos from suppliers that are under sanctions and shift them between tankers at sea to hide their origin, The Wall Street Journal reported Aug. 29, citing unidentified traders.
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