Simon Watkins, OilPrice.com: Does China’s Friendship With Russia Really Have ‘No Limits’?
* Russia’s war in Ukraine has put China in a somewhat precarious position.
* Russia is an important energy (trade) partner to Beijing.
* Russia’s total trade with China pales in comparison to Beijing's trade with the U.S. and the EU.
* Beijing has made efforts to moderate its stance and move closer to European and Western positions.
For several years, China and Russia have been building an alternative world order to that offered by the U.S. and its allies, as analysed in full in my new book on the global oil markets. This was expedited by the unilateral withdrawal of the U.S. in May 2018 from the Joint Comprehensive Plan of Action (JCPOA) with Iran, its withdrawal from Afghanistan in August 2021, and its ‘end of combat mission’ in Iraq in December 2021, among other factors.
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WNU Editor: Originally there wee some doubts that China would not back Russia. But they were all put to rest when China voted against the expulsion of Russia from the United Nations Human rights council this week.
3 comments:
The disruptions to supply chains are trivial compared to disruptions following a Chinese attack on Taiwan. Western companies had better sharpen their pencils on calculating risks and benefits to anchoring supply chains in China or Taiwan. Even Vietnam is questionable considering it’s geographic location.
^^^^^
Also:
Russia lost influence, when the Sino-Russian relations went sour in the 1960s. Officially the split was in 1961. The PRC did not like-Stalinization. Don't know whose fault it is, but Chinese have very strong feeling about it. Then Nixon moved in In retrospect it may have been a mistake. However, until the 21st century it was regarded as a genius move.
Russia does not want to lose influence again due to a split with China. Russia will tend to relations very carefully and no schmoozing by an identity politics dope is going to change that calculus.
China must really need oil and gas.
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