Russia economy on the edge as major ally snubs Putin’s oil

As Russia’s economy continues to struggle since the start of the war in Ukraine, Moscow is now facing a sharp decline in oil, gas, and car exports to China.

Russia is grappling with record-high inflation and soaring interest rates, while military spending has remained the Kremlin’s top priority for over three years.

According to Kyrylo Shevchenko, former head of Ukraine’s national bank, China’s distancing from Russia marks a major economic turning point.

"Russia's bleeding cash—$281 billion in capital has fled since 2022! $138 billion in the first year, $80 billion in 2023, and $63 billion last year. Even China is saying 'nyet' to Russian oil, gas, and car plants," Shevchenko posted on X.

Although Donald Trump’s global tariffs weren't directly aimed at Russia, they have still disrupted Russian financial markets.

Western sanctions, designed to cut Moscow’s revenues from oil and gas sales, have also pushed China to reduce trade ties, as Reuters reported last month.

(QG - Source: The Daily Express - Picture : © Unsplash)