Russia and China in it for the long term
The relationship is likely to weather any temporary turbulence, even as it becomes ever more structurally unbalanced
Beijing has been consistent in its economic support for Moscow, even while the war in Ukraine has tested the strength of the China-Russia partnership. And China’s support, albeit hugely restrained in public—alongside escalating tensions with the West and crippling economic sanctions—is speeding up Russia's ‘pivot to the east’, despite there being potentially only one major winner (which is not the Putin administration) in the strategy. A handful of Chinese banks with overseas operations are reportedly following US sanctions and restricting financing for Russian commodities. But this will likely have a limited impact on Beijing’s overall geopolitical willingness to help Moscow counter Western

Also in this section
19 May 2025
The two Gulf states are combining fossil fuel production with ambitions to become leaders in low-carbon energy
15 May 2025
Financial problems, lack of exploration success and political dogma cause uncertainty across much of the region
14 May 2025
The invisible hand of the market has seen increasing transparency but much more needs to be done to build a better understanding
13 May 2025
A fall in Venezuelan output drives overall production lower, as Saudi Arabia starts to slowly bring more crude to the market