« They will get gas from Power of Siberia. By the end of 2023, the yuan will be our main trade currency. »
Russia will increasingly be a commodities warehouse for China as Moscow grows more economically dependent on Beijing, a source close to the Kremlin told the Financial Times.
That unequal partnership was on display this week as Chinese President Xi Jinping met with Russian President Vladimir Putin, marking their first summit since Russia invaded Ukraine last year.
After Putin launched his war, the West largely cut off Russia from the global financial system and shunned its energy exports, forcing it to reroute its oil and gas to China and India.
Indeed, Chinese purchases of Russian energy jumped 54% to $81.
