It isn’t about things being better or worse. After being cut off from the rest of the world, China’s financial system is the only other option. So, instead of looking for the best partner, it’s about working with any partner.

And this was predictable — who else could they turn to? But even though they have a new trading partner, the fall in the value of the ruble will extend to these new transactions. This all serves to reinforce the asymmetry in the relationship between China and Russia.

But again, the Russians don’t have many choices here.