søndag 27. mars 2022

What Does Russia’s Invasion of Ukraine Mean for China in the Arctic?

Russia’s energy projects in the Arctic face an uncertain future after the imposition of sanctions on the country following its invasion of Ukraine last month. Amid economic sanctions and the departure of foreign firms en masse, the Kremlin may find that it is left with China as its only viable partner for projects up north.

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.