These shifts are tectonic. Even in czarist times, Russia shipped its commodities to Europe and relied on imports from the West of manufactured goods. Russia's oligarchs, blacklisted by most Western countries, have had to adapt to the new reality. Last month, the businessman Vladimir Potanin, whose fortune is estimated at $23.7 billion, announced that his copper and nickel empire would reorient toward China, including by moving production facilities into the country. "If we're more integrated into the Chinese economy," he said, "we'll be more protected."
Thursday, May 16, 2024
Opinion | It’s Not Just Putin. Russia Needs China, Too. - The New York Times
This economic dependence is filtering into everyday life. Chinese products are ubiquitous and over half of the million cars sold in Russia last year were made in China. Tellingly, the top six foreign car brands in Russia are now all Chinese, thanks to the exodus of once dominant Western companies. It's a similar story in the smartphone market, where China's Xiaomi and Tecno have eclipsed Apple and Samsung, and with home appliances and many other everyday items.
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