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China extends its helps to Russia, helps to get away from the threat of an oil embargo in the West. While the G7 countries are unsuccessfully trying to reach a consensus on supply restrictions, Russia and China are negotiating to reach a fundamentally new level of energy cooperation. But How china helps Russia to counter-balance the west? Russia should provide its Chinese colleagues with good discounts on oil, and China should significantly increase imports to replenish its strategic reserves. At the beginning of the coronavirus pandemic, China collected impressive volumes of fuel, but in 2021 was forced to sell some of the reserves to support the economy as it emerges from the crisis. Jane Xie, senior analyst at consulting firm Kpler, says the "mega-deal" with Russia will be a good opportunity for China to fill the empty storage space. By mid-March, China had 869 million barrels of oil in storage. Now - 926.1 million barrels. These are quite large numbers, but they are still less than the record filling (as of September 2020) by 6%. Buying oil on favorable terms would be most welcome for China. Reuters reports that Russian energy imports to China are already on the rise without any official deal. In April, China increased oil imports by 4%, and gas - by 80% compared to the same period last year. Earlier, Russia supplied China with 1.59 million barrels of oil per day. Only Saudi Arabia has higher figures (2.17 million). China joins campaign against dollar hegemony. Orientalist Yury Tavrovsky in his blog drew attention to China's call to the Brics countries to work out a joint response to the "irresponsible use of dollar hegemony." The statement was made during an online meeting of Brics foreign ministers regarding the freezing of Russian reserves in the amount of about $300 billion. Chinese experts consider the expansion of payments in national currencies, and the creation of financial institutions independent of the United States to be the best tool in the fight against dollar hegemony. “One such institution competing with the SWIFT system could be China's CIPS (Cross-border Interbank Payments System). In 2021 alone, it secured 3.3 million deals worth 80 trillion yuan ($12.56 trillion), a 75% year-over-year growth. By the way, Bricks' welcomed Russia's decision to transfer partners to pay for energy resources in rubles. Now this experience is closely studied in the organization. for more videos' please subscribe to the channel.