Comment by Ancapistani

>90% of Venezuelan crude has been refined in China in recent years.

This is going to hurt China economically, and in a way that isn’t going to be seen as targeted at China or unfair by international community.

Russia’s production and refining capacity has been seeing attrition from Ukraine’s efforts. They’re producing less oil, selling it for less, and for rubles that each buy less.

I’ve said before on HN that I thought Venezuela was intended to soak up Russian resources - this is just the next step.