China Will Take Advantage of Russia’s Energy Dilemma, EU Says

(Bloomberg) — The European Union’s top trade official said China will exploit Russia’s need to diversify where it sells its energy as the bloc is set to ban as much as 90% of crude oil imports from Moscow by year-end.

“What we are seeing, especially in this situation of Russia´s weakness, is that China is going to take good advantage of it,” European Commissioner Valdis Dombrovskis told Bloomberg Wednesday. “It’s not going to be very advantageous for Russia.”