War

US and EU sanctions on Russia over Ukraine push it closer to China.

"During a three day visit to Moscow that ended Tuesday, Chinese Premier Li Keqiang signed 38 new deals with Russia, including a big expansion in Russian gas sales to China. Russian President Vladimir Putin sealed a huge $400 billion gas contract with China in May, but the fresh deal would reportedly double that. Moscow also reportedly agreed to sell some of its most advanced weaponry to Beijing.

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China-Russia trade has grown from around $40 billion to $90 billion in the past six years, but Mr. Putin said Tuesday that it's set to jump to $100 billion next year and $200 billion by 2020. By comparison, Russia's trade with the European Union in 2012 totaled around $340 billion. "

That hurts western economies too.

"In the most politically charged deal, the two countries have agreed to a $24 billion yuan-ruble currency swap between their central banks, which will be used to finance bilateral trade using local currencies rather than US dollars."

They're hastening the dollar decline.

Turkish warplanes attack Kurds fighting ISIS.