Chinese Oil Giant To Exit US, Canada And UK Over Fears Of Western Sanctions

• Chinese Oil Giant To Exit US, Canada And UK Over Fears Of Western Sanctions
  by Tyler Durden, https://www.zerohedge.com/
  An odd thing happened this week: for obvious reasons, Russian usage of the Chinese yuan has been booming in recent weeks, with the Nikkei reporting that Russia boosted yuan holdings over dollar just before the invasion (having previously dumped all of its Treasury holdings all the way back in 2018 telegraphing what was coming to anyone who was paying attention), and even though Chinese trade with Russia has soared…
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  … many Chinese companies had refused to side fully with Russia, amid concerns that they would be swept up in various secondary sanctions should the increasingly erratic Biden administration decide to lash out at Beijing.
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  That’s not the odd thing, in fact it is to be expected: after all, if you go after the king – in this case the king of global reserve currencies, the dollar, you better not miss and according to most experts, China is nowhere near ready to dethrone the US as the world’s biggest superpower (with or without the assistance of Russia). What was odd, is that Reuters reported that China’s top offshore oil and gas producer CNOOC, was preparing to exit its operations in Britain, Canada and the United States, because of concerns in Beijing the assets could become subject to Western sanctions, industry sources said.
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  In other words, one of China’s largest and most important companies has decided to pull the plug before it absolutely has to, in what appears to be a clear indication that what comes next will be very troubling.
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  The United States said last week China could face consequences if it helped Russia to evade Western sanctions that have included financial measures that restrict Russia’s access to foreign currency and make it complicated to process international payments. Additionally, the US has also made very clear that any Chinese invasion of Taiwan will result in an identical response to that faced by Russia now. The implication: one of those two things may be about to happen.
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  read more.

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