• Russia’s yuan reserves are nearly depleted due to Chinese banks’ fear of US sanctions.
  • Lenders have urged Russia’s central bank to address the yuan deficit, causing the ruble to drop.
  • China’s hesitance stems from US threats of secondary sanctions over Russia’s Ukraine war financing.
  • fuckingkangaroos@lemm.ee
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    2 months ago

    India is taking advantage of the situation.

    It’s understandable that a developing country wants cheap energy, also genuinely sad the world’s largest democracy is funding a dictator’s barbaric land grab.

    • Saleh@feddit.org
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      2 months ago

      “world’s largest democracy” run by a fascist, who embraces pogroms against the Muslim minorities and assists Israel in its genocide against palestinians, including sending India troops there.

      Of course Israel is best buddies with Modi in the same way they sold drones to Russia after the Crimea annexation, which later helped Russia bomb Ukraine during the main invasion. Neither country is a liberal democracy, nor do they share interests with “the West” past their own immediate advantage.

    • mindlight@lemm.ee
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      2 months ago

      India is financially supporting colonization of Ukraine by doing business with Russia.

      India is supporting colonization.

      • BakerBagel@midwest.social
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        2 months ago

        All India cares about is getting oil and gas for as cheap as possible. Russia has limited markets they can sell their oil to, so India now has tons of leverage and can set their own price. India has their own territorial conflicts with Pakistan and China that they need to worry about. They dont care what Russia does so long as they keep getting cheap oil.

    • ABCDE@lemmy.world
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      2 months ago

      They were taken advantage of previously; as fucked as it all is, they have no reason to care.