Thought experiment. You are Russia and export resources to China (where bilateral trade is roughly balanced) and to the West, where you run a surplus. The West has just sanctioned your bank acccounts and furthermore prohibits you from buying what you want. With this setup, why would Russia want to export resources for hard currency?
Thought experiment. You are Russia and export resources to China (where bilateral trade is roughly balanced) and to the West, where you run a surplus. The West has just sanctioned your bank acccounts and furthermore prohibits you from buying what you want. With this setup, why would Russia want to export resources for hard currency?