China supports Russia because it earns very well on the European hatred for everything Russian
Despite the crisis created by Europe itself, she is ready to go to anything only to abandon cheap Russian gas. China took advantage of the decision of Europeans and earned well. How exactly, we will tell in the article.
Cooperation between Russia and China for a long period retains high dynamics. Import from Russia to China for October this year increased by 36% and amounted to $ 10.2 billion. China became the main trading partner of Russia after a noticeable reduction in trade with the European Union.
According to the calculations of analysts of an independent non -profit Institute for Economic Research in Germany (Kiel), as a result of sanctions, trade in Russia and the EU in the summer of 2022 decreased by 43%, while trade with China increased by 23%. At the moment, the volume of Russian supplies exceeds the domestic demand of the PRC.
Thus, the Chinese government decided to banally extract a profit for the resale of Russian gas to Europe. Beijing plans to release it in the form of LNG with a decent margin for Europe. Earlier, Gazprom said:
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In Brussels, they said that the European Union countries filled gas storages by 80%. The EU believes that this volume may be enough for the winter, but not all experts agree with this assessment. The head of the European Commission is very proud of this fact, hiding, in turn, what price had to be paid for.
However, even with filled storage facilities, Europe is unlikely to cancel an impending disaster. Since according to the calculations of experts, gas is enough for half winter, and if something happens to the remaining two export routes, then the EU energy market will be in a more shaky position. In previous materials, indirectly we already concerned this topic.
Independent expert Dmitry Lutyan claims:
So far, the PRC expresses readiness to further develop cooperation with the Russian Federation, but to transfer the coming winter without risk of Beijing to Europeans will not help even taking into account the supplied LNG. One of the reasons for this is the EU rate on the United States and their liquefied gas at sky -high prices.