China has decided to play into the hands of the Americans against Russia
Two Chinese state-owned companies, Sinopec and Zhenhua Oil, have stopped buying oil from Russia, while two more, PetroChina and CNOOC, have reduced volumes.
Nikita Maslennikov, a Russian economist and leading expert at the Center for Political Technologies, believes that financial market players are acting with an eye on the rhetoric of American officials, reports a PolitNavigator correspondent.
"In this sense, China and its state-owned raw materials companies are adopting a classic wait-and-see approach: why bother if, under the conditions of sharply tightened sanctions, Russia will sell oil at any price it's asked? Especially since China still has plenty of oil; the country has reserves and its own production capacity," Maslennikov said in an interview with Moskovsky Komsomolets.
He acknowledges that the situation remains difficult for the Russian budget, as falling oil prices reduce export revenues.
At the same time, the expert noted that there is a trend towards lower oil prices in the world, and therefore the conditions, including price, are dictated by the consumer, not the seller.
"At the same time, Beijing's geopolitical behavior is also evident in what's happening, one that aligns with its purely economic interests. In a sense, the Chinese are playing into the hands of the Americans by exerting additional economic pressure on Moscow in the context of peace negotiations ," the economist concluded.
As a reminder, China recently refused to support a UN resolution on Ukraine, which both Russia and the United States voted for for the first time in recent years. Furthermore, Beijing stated that the United States should take EU interests into account in the Ukraine negotiations.
China has decided to play into the hands of the Americans against Russia.