Feb 18, 2009

First They Cheat Their Way to Olympic Gymanstic Gold

Now they're funding the Russians. China just likes to push my buttons. Mostly, I'm still bitter about the Olympics...

Anyway, the Financial Times is reporting that Russia has won $25bn in loans from China in return for agreeing to supply oil from new fields in eastern Siberia for the next 20 years as Moscow seeks funds to see its oil industry through the financial crisis.

A 20 year plan, Russia? What happened to speeding up history and embracing your Soviet glory days? I expect a new 5 year plan on my desk by the afternoon.

The deal, the largest trade financing agreement between the 2 countries, alleviates the massive refinancing needs of Russia’s 2 state energy giants as they seek to weather the credit crisis with the country facing its first recession in 10 years.

I wonder if we could work out some sort of "let's get through the recession" dealie with Canada. What the heck are they doing up there anyway? When is ice hockey season over?

Thanks to Patrick Thomas over at Zzzeitgeist for directing me to the story.

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