Russia and China will be doing more business together in their own currencies and relying less on the US dollar:
Russia and China are planning to increase the volume of direct payments in mutual trade in their national currencies, according to a joint statement on a new stage of comprehensive partnership and strategic cooperation signed during high-level talks in Shanghai on Tuesday.
“The sides intend to take new steps to increase the level and expansion of spheres of Russian-Chinese practical cooperation, in particular to establish close cooperation in the financial sphere, including an increase in direct payments in the Russian and Chinese national currencies in trade, investments and loan services,” the statement said.
It will be interesting to see how long before a domestic crisis causes one side to succumb to the temptation to screw the other over.
UPDATE: Russia got its gas deal with China, worth $400,000,000,000. With its “mega” export market secure, we can pretty much forget about sanctions doing any good.