RUSSIAN Exports Collapse
Video Summary
Russia’s economy is facing severe challenges due to its increasing reliance on China, following the invasion of Ukraine and subsequent Western sanctions. Russia is now entirely dependent on China for a large portion of its exports and imports. In July, China reduced oil imports from Russia by 7.4%, and the trend could continue if the Chinese economy, which is experiencing a slowdown, contracts further. This will have devastating consequences for Russia as it has no alternative buyers. Furthermore, China’s second-largest supplier, Saudi Arabia, increased oil exports, and Russia’s crude oil exports could be slashed. Additionally, Russia is struggling to make and receive payments due to secondary sanctions applied to Chinese institutions facilitating transactions with Russian companies, causing a liquidity crisis. Russia is borrowing Chinese yuan from the Russian Central Bank, resulting in more costs and delays. The situation is precarious for Russia, and the author suggests that losing China as a major buyer would be catastrophic, with Russia’s economy unable to replace lost sales.
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