”China could soften the blow of any economic pain inflicted on Moscow by increasing” its share of energy imports.

 

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The speed with which Russia has been cut off from the world economy has been as stunning as the slowness with which Russian forces have advanced in Ukraine. But can Putin offset the de facto blockade by dealing with China? That would be harder than many imagine 1/

— Paul Krugman (@paulkrugman) March 5, 2022

Noah Smith さんの記事が読めないから、 他ので補充すると、

Why China won't put its economy on the line to rescue Putin

Updated 0004 GMT (0804 HKT) February 6, 2022

"Beijing needs to be very cautious about wading into a conflict between NATO and Russia over the Ukraine," said Alex Capri, a research fellow at the Hinrich Foundation. "China's current economic ties with Russia, including its energy needs, don't warrant Beijing risking further alienation and backlash from Washington and its allies. This could come back to haunt Beijing later."

 

Ukraine-Russia crisis: Will China be Putin’s economic lifeline?

Beijing has emerged as a key player with the potential to undermine the international pressure campaign against Moscow.

After easing restrictions on wheat, China could soften the blow of any economic pain inflicted on Moscow by increasing its share of energy imports. Russia is the world’s third-largest oil producer and the second-largest producer of natural gas.

 Why China’s Banks Won’t Come to Russia’s Rescue

One longer-term option, if Western sanctions stay in place and cause long-term damage to the Russian economy and China’s strategic interests, would be for Beijing to tap smaller lenders to deal with Russia.

“It’s very easy to create a lot of single-purpose banks just to engage in sanction evading activities to help China’s friends,” said Prof. Chen. “If the conflict in Ukraine lasts for a few years, a number of such small single-purpose banks could be created as vehicles.”

Some small Chinese banks have previously facilitated trade with sanctioned countries such as North Korea and Iran.

”A strong relationship with China would likely only mitigate rather than neutralize the impact of Western sanctions on Russia, according to Capri of the Hinrich Foundation.”

あるいていど制裁の痛みを緩和できるが、 チャラにはできない、といったところか？

更新

Sanctions Imposed on Russia Hurt Chinese Economy 

On the other hand, Williams said, the war offers some economic opportunities for China.

"With much of the world cutting off ties with Russia, China is in a strong position to negotiate long-run energy supply contracts on favorable terms. Meanwhile, bans on Western exports of certain goods may allow some Chinese suppliers to take their place instead," he said.