This time, taking advantage of Putin's attendance at the opening ceremony of the Winter Olympics, China and Russia signed a new energy cooperation agreement, mainly to increase the supply of natural gas and oil. I see that many people on the Internet are saying that this long-term agreement will be settled in euros, I checked it, and indeed did not find any authoritative source of reporting, if anyone has official reports can send me to see. To be honest, even if it is settled in euros, it is not too much to say.
According to the Far East gas purchase and sales agreement, Russia will increase the pipeline natural gas to China by 10 billion cubic meters per year, and with the gas volume of the "Siberian Force" pipeline, the total gas supply to China will reach 48 billion cubic meters per year. The crude oil purchase and sale contract stipulates that Russia will continue to supply 100 million tons of crude oil to China through Kazakhstan for a period of 10 years.
Energy cooperation itself is the real strategic event here, if it is settled in rmb, I think this is Russia actively like us closer, if it is settled in US dollars, do you know how big this settlement volume is?
According to customs statistics, in 2021, the bilateral trade volume between China and Russia was 948.66 billion yuan, an increase of 26.6% year-on-year, a record high. Among them, China imported energy products from Russia of 334.29 billion yuan, an increase of 47.4% year-on-year, accounting for 65.3% of the total value of China's imports from Russia that year.
The above are all statistics denominated in renminbi. What do you mean? The crude oil, coal, and natural gas we import from Russia together is less than $55 billion. What impact can this amount of dollar settlement have on the United States? Still counting on shaking the foundation of the dollar with this?
But conversely, if it is settled in dollars, it is necessary to use the SWFIT settlement system of the United States, which has repeatedly threatened to cut off Russia's use of rights and prevent Russia from using dollars for trade settlement.
Therefore, the most important thing to reduce the amount of dollar settlement is to consider the actual needs of Russia. If Russia does demand a euro settlement, it only means that Russia wants to preserve its trade relations with Europe. Because most of the things that Russia needs, We China can provide, in theory, using the renminbi for settlement, Russia and then take the renminbi to buy goods with us, is the really reasonable choice.
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