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Update on the Russian Oil Sector

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Russia's Key Partners Have Changed

The assumption at the start of the Russia-Ukraine war was that it would be great for China, they would have more leverage in this relationship. Since then, Russian authorities became quite skeptical about the potential scale of Chinese support if something happens with the West. Most likely, China will simply squeeze Russia on prices as much as possible. But maybe there is a much more complicated geopolitical gain behind which we have no idea about.

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