China ready for 'closer partnership' with Russia in energy

→ Gold Set to EXPLODE! (From Gold Safe Exchange) (Ad)

Chinese President Xi Jinping, right, and Russian President Vladimir Putin talk to each other during their meeting in Beijing, Friday, Feb. 4, 2022. The two leaders used the occasion of the Winter Olympics in Beijing to hold a summit and show solidarity. (Alexei Druzhinin, Sputnik, Kremlin Pool Photo via AP, File)

BEIJING (AP) — China is ready to “forge closer partnership” with Russia in energy, a state news agency quoted President Xi Jinping as saying in a letter Tuesday, potentially expanding ties that irk Washington by helping the Kremlin resist sanctions over its war on Ukraine.

The announcement gave no details. It said Xi made the comment in a letter to the 4th China-Russia Energy Business Forum.

China's energy-hungry economy is one of the biggest customers for Russian oil and gas. Purchases more than doubled over a year ago in October to $10.2 billion as Chinese importers took advantage of discounts offered by Moscow.

“China is ready to work with Russia to forge closer partnership in energy cooperation,” the official Xinhua News Agency cited Xi's letter as saying. “Energy cooperation is an important cornerstone of practical cooperation between China and Russia.”

Washington, Europe and Japan cut purchases of Russian energy and expelled the country from the global banking system in retaliation for President Vladimir Putin's Feb. 24 attack on Ukraine.

Xi declared in a joint statement with Putin before the attack that they had a “no limits” friendship.

The sanctions don’t prohibit China, India or other countries from buying Russian oil and gas. But President Joe Biden has warned Xi of unspecified consequences if Beijing helps Putin evade sanctions.

Beijing-Moscow relations were chilly during the Soviet era but the two sides have formed a political marriage of convenience since the 1990s, united by shared frustration with U.S. dominance of global affairs.

Where should you invest $1,000 right now?

Before you make your next trade, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.

Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.

They believe these five stocks are the five best companies for investors to buy now...

See The Five Stocks Here

The Next 7 Blockbuster Stocks for Growth Investors Cover

Wondering what the next stocks will be that hit it big, with solid fundamentals? Click the link below to learn more about how your portfolio could bloom.

Get This Free Report

Featured Articles and Offers

Search Headlines: