Can oil and China help Russia survive Western sanctions? | Counting the Cost

Massive Western sanctions over the war in Ukraine have excluded some of Russia's banks from the SWIFT payment system and barred the central bank from accessing its huge dollar reserves.

But the country's biggest earner - the oil and gas industry - has been spared.

Most of Europe relies on Russia for energy. China is also a sizable consumer. Moscow and Beijing share warm ties and Russia could move towards Chinese financial initiatives set up to rival the West.

We also look at the implications of the war for global food security. More than a quarter of wheat exports come from Russia and Ukraine and grain prices have skyrocketed.

[msk]

Unfortunately everyone in the entire world pays for this war

[hamidhamidi]

Iran has been totally sanctioned for years but it has expanded its influence and military reach, all over the Middle East.

When you have massive oil and gas resources it is not easy to choke your economy.

[PatriciaFreddy]

Why would it be risky for China to help Russia. China is the one who makes the call now. If US threatens China for their own independent decision then US would risk loosing a major player to Russia and HAVE NOTHING to gain.

[dennismcmurray]

The world Bank. The biggest gangsters in the world 🌎

[simonm]

Dropping the Dollar alone is enough tank US economy

[whitemoon]

Why would any reasonable sane country leader would buy USD to build its reserves when they know that US can steal that money anytime. They did it with Afghanistan and now USD 630billion Russian reserves. Countries for their own national security should diversify from USD, Euro and most importantly from SWIFT. They can buy Gold or RMB have mix basket of currencies. Use other systems other than SWIFT.

[ishkel]

You are talking about rubel collapse. Now, one rubel can by more natural gas in Russia than one dollar in Europe. I afraid soon we will compare food prices with the same ratio.

[joeawk]

When Russia was much poorer, Russia survived sanctions.

[leiwang]

The answer is Russia can survive by itself, look at North Korea. Russia is at a much better position in terms of foods, fuel and technology.

[simonm]

Russian and Iranian are very tough people...

[godisgreat]

Russia can easily request Rubles as payment for their oil and gas. That would mean that EU who imports about 41% of their gas from Russia and 30% of oil, would have to buy Russian Ruble first, that would make ruble appreciate in value significantly, so much that currency traders would line up to buy Russian ruble to make profits.

[Alikhan]

Not sure who is suffering and who is making money of all this. Oil prices are going crazy in Canada and US!

[HappyJack]

It’ll be interesting to see how supportive of sanctions people will be when fuel and food prices start spiralling upwards.

[mrsporty]

Before 1990's Soviet union was self sustaining without these companies. I believe they can do it again

[buixote]

One thing for sure; US Oligarchs will get even richer.

[friday]

oil and china? lol....you left out india, pakistan, middle east (except qatar, uae), large part of asia and africa and a few european nations....just see how the dollar and nato crumbles after this

[wangsamaju]

China is still maintaining normal trade relationship with Russia.

[friday]

world united sanctions against nato....how does that sound?

[hekeng]

Remember now russia is a major fertilizer and food exporter. Last weekend, russia stopped exporting fertilizer. We can see high inflation. Also, the world stock markets are down. Do you think biden or western countries could afford?

[tormundgaint]

I thought US produces more oil than other countries 🤔 🤣!!! Why are Oil prices going up here.