China Plays Putin

June 17, 2024

G7 sanctions imposed on June 13 rubbished the ruble, expropriated $50 billion of Russian assets for Ukraine, and forced Russians to line up for hours to buy dollars. Vladimir Putin reacted as usual by making nuclear threats, but Ukraine signed bilateral security deals with the U.S. and another 15 NATO nations then prepared for a July meeting at NATO where it will get a green light to eventually become a member. Arms pour into Ukraine, targets inside Russia are bombed, and Kyiv has virtually laid siege to Putin’s prized conquest Crimea. The shooting war still rages, but Putin loses the economic one as Russia becomes a vassal state of the People’s Republic of China. Ironically, Putin’s boast in 2022 of a “no limits” partnership with Beijing has come about, but is lopsidedly in favor of China. The Chinese snap up Russian fossil fuels at low prices and pay for these by flooding Russia with consumer goods and equipment, not weapons. China meticulously stays on the sidelines, but, in essence, is becoming the clear-cut winner of Putin’s war. As Former NATO chief and Czech Republic President Petr Pavel observed recently: “It is in China’s interest to prolong the status quo because it can push Russia to a number of concessions. It is also good for China that the West is probably becoming a little bit weaker by supporting Ukraine.”