— RT (@RT_com) May 21, 2014
There seems to be an emerging and unfortunate pattern in US foreign policy. The US overreaches, face plants, and China somehow ends up the true winner. In Iraq, China buys nearly half of the oil produced and is considered “the biggest beneficiary” of the post-Saddam oil boom. In Afghanistan, China has secured lucrative mineral contracts despite “having shed no blood and not much aid.” And now the Ukraine crisis, fomented by the US, unwittingly offered China another opportunity to profit.
Russia and China announced that after 10 years of negotiations they were completing a $400 billion energy deal. It seems that with the instability and uncertainty in Ukraine the Russians were highly incentivized to get a deal done. China wins again.
After 10 years of negotiations, Russia’s Gazprom and China’s CNPC have finally signed a historic gas deal which will provide the world’s fastest growing economy with the natural gas it needs to keep pace for the next 30 years.
The total value of the contract is $400 billion, Gazprom CEO Aleksey Miller said. However, the price of gas stipulated in the document remains a “commercial secret.”
China has secured itself a solid supply of natural gas for 30 years under favorable terms thanks in part to US induced chaos in Ukraine which undoubtedly contributed to Russia’s urgency to finish the deal. Russia secures a new market and China gets a better deal thanks to another US foreign policy face plant.
Perhaps it is time to revisit a more humble foreign policy or at least one that does not continually weaken the US while empowering China.