Last week, Britain and the United States announced a wholesale ban on Russian oil and gas. The European Union has stated its member states will look to cut dependence on Russian oil and gas by up to 80 percent by the end of this year and have agreed to phase out Russian gas entirely by 2027.
In the meantime, China is reportedly consideringbuying or increasing its stakes in Russian energy and commodities companies. Just prior to the invasion of Ukraine, Russian President Vladimir Putin met with Chinese President Xi Jinping in Beijing on the eve of the Olympics. In a joint statement, the two state leaders reaffirmed to the world that the China-Russia relationship had “no limits,” and more ominously, that there were “no forbidden areas of cooperation” between the two countries.