China Throws Lifeline to Russia Amid Economic Crisis

Author: us-russia
Comments: 0
China Throws Lifeline to Russia Amid Economic Crisis
Published 29-01-2015, 03:00

Daniel Wiser

Daniel Wiser is a staff writer for the Washington Free Beacon. He graduated from UNC-Chapel Hill in May 2013, where he studied Journalism and Political Science and was the State & National Editor for The Daily Tar Heel. He hails from Waxhaw, N.C., and currently lives in Washington, D.C. His Twitter handle is @TheWiserChoice. His email address is wiser@freebeacon.com.

Beijing and Moscow move closer with deals that could undermine Western sanctions

China is providing an economic lifeline to Russia by boosting its imports of Russian oil, the Wall Street Journal reports.

Russia’s economy has deteriorated with the recent drop in oil prices and levying of sanctions from the West in response to the Kremlin’s destabilization of Ukraine. Moscow has now turned to Beijing for support despite their long-time rivalry:

But Chinese customs data released Friday show that China’s crude imports from some big OPEC nations have plummeted, while imports from Russia surged 36% in 2014. Meanwhile, imports from Saudi Arabia fell 8% and those from Venezuela dropped 11%.

As American companies have pumped soaring amounts of oil from shale, U.S. imports of Saudi Arabia’s crude oil and petroleum products have also fallen, dropping to 25.6 million barrels a month in October, from more than 42 million barrels a year earlier.

The changing pattern in China’s imports is one result of Russian President Vladimir Putin turning to China as an economic lifeline as Moscow is shunned by the West over the Ukraine crisis.

That has tilted in China’s favor the relationship between two countries that for decades have jousted for influence in Asia.

Additionally, Russian President Vladimir Putin secured a deal last May with Chinese President Xi Jinping for Russian natural gas exports to China worth hundreds of billions of dollars. Russian businessmen met almost exclusively with their Chinese counterparts at the Davos economic forum last week.

The budding Russian-Chinese relationship could undermine the United States and Europe’s efforts to punish the Kremlin economically for its support of separatists in Ukraine.

 

freebeacon.com

Comments: 0
Experts' Panel
Save the Planet Expert`s Pannel
Presently a growing number of people, including well known and...
Save the Planet Expert`s Pannel
Top
popular in the journal
Vladimir Putin: US Understands...

Vladimir Putin: US Understands...

The Russian head of state made the statement during his annual Q&A session during which he answers questions from the public. The coronavirus pandemic, environmental ...
Putin & Biden had productive...

Putin & Biden had productive...

Despite a successful meeting between Russian President Vladimir Putin and his American counterpart Joe Biden, relations between the two nations have not changed, and any ...
Ukrainian Tragedy. Who Is to Blame?

Ukrainian Tragedy. Who Is to Blame?

In view of the upcoming summit in Washington between President Biden and Ukrainian President Zelensky, it is important to analyze the U.S. geopolitical ...
RUSSIAN FEDERATION SITREP 8 JULY...

RUSSIAN FEDERATION SITREP 8 JULY...

PUTIN DIRECT LINE. Annual marathon Q&A Rus, Eng. A sort of durbar; you can’t imagine any Western leader daring to or capable of doing it. Much on COVID: ...