Russia will become a 'Chinese resource colony' as the Xi Jinping-Vladimir Putin summit highlights economic dependence on Beijing
Russia will increasingly be a commodities warehouse for China as Moscow grows more economically dependent on Beijing, a source close to the KremlinThat 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.
Indeed, Chinese purchases of Russian energy jumped 54% to $81.3 billion last year, accounting for 40% of the Kremlin's budget revenue. And in January, Russia exported 2.7 billion cubic meters of natural gas to China, becoming its top supplier, according to data cited by the FT. Russia sees its economic ties with China as the key to winning the war in Ukraine, the source said, adding that Beijing is crucial to weathering Western sanctions while Russian natural resources help lock in China's support.
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