Despite this, the “unlimited” friendship between China and Russia, Mr Xi Jinping of China appeared at least slightly disturbed at the President Vladimir Putin of Russia. To see why that might be the case, consider the energy sector.
In theory, in the long run, Russia’s isolation from major oil and gas customers in the West could be a boon for China – especially in terms of natural gas, as the two nations have agreed to open widen the existing pipeline network between them. But there’s a problem: Currently, China is a coal-and-oil-powered economy, and the transition to gas will be long and expensive. Meanwhile, Putin’s war in Ukraine helped push up the price of coal and gasoline through the roof. All of this comes as China’s economy is grappling with a severe asset downturn and discouraging consumers.
