Russia overtook Saudi Arabia as China’s largest source of oil in May, shipping a record 3.92 million metric tons, a 20% increase from April.
This isn’t the first time that this has happened (although the last time was more than 10 years ago), and Russia isn’t the only country to ship more oil to China than the Saudis. Angola also sold more oil to China than Saudi Arabia in May.
Still, it is the latest sign of the growing ties between Russia, suffering under sanctions and increasing international isolation, and China, which is investing heavily to bolster its slowing economy, namely by building a global infrastructure network.
Just this week, China Railway Group said it will design a high-speed rail line from Moscow to Kazan. China’s rail giant is expected to win the $19 billion contract to build the railway as well. After a landmark 30-year, $400 billion natural gas…
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