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Russia seems to be rediscovering China. Over the last month, major Russian energy companies have met with China’s National Petroleum Corporation to discuss joint ventures in oil and gas. And last week, Vladimir Putin was in Shanghai to discuss energy and expanding trade. He inked a 30-year gas deal during his visit. It’s not that Russia has a lot of things that China wants. But it does have oil and gas, and China needs plenty of that. China accounts for 7% of Russia’s exports, the same as Germany, and much more than the 2% of Russian goods being shipped to the U.S.

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