this post was submitted on 12 Mar 2024
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Seems to me like Russian oligarchs benefit greatly from all these new trade lines with China but what do I know?
Which ones? China was always open for business.
Weren't there talks of a massive oil pipeline from Russia to China?
Maybe. They do export to China. The thing is China cuts a hard bargain, and so they really prefer to sell to Europeans, who will bid competitively. And also they could potentially sell to both, so I'm not sure how Ukraine figures in to any of it.
@CanadaPlus @Jax
China and India pay close to cost price for Russian oil and and have refused to pay in Rubles, which caused the Ruble to become an effectively non-exchangeable currency. Russia is spending 40% of its income on the war, and as its income is almost entirely derived from petrochemicals, the effect on the Russian economy is catastrophic. They are not exporting refined products due to failing infrastructure and Ukrainian attacks on refineries. The situation is serious.