The Xi–Trump summit failed to deliver any concrete plan to stabilize the Iran crisis or reopen the Strait of Hormuz, exposing deep U.S.–China divisions over energy security and maritime stability.
Suppose that the Iranian regime collapses and a new government friendly to the US takes over. Then the US would control Iranian oil. If Russia doesn’t want to join, China could just join with Europe.
If the US controls Iranian oil, at worst things will go back to the old situation for Russia: Their oil is worth less, and they have to sell it through back channels.
As long as Iran keeps the strait blockaded, Russian oil is worth way more (like it is right now) and currently the US is allowing it to be traded out in the open.
Europe and China, on the other hand, may find common ground here since both are net importers of oil and gas AFAIK. Russia is a net exporter of both.
Suppose that the Iranian regime collapses and a new government friendly to the US takes over. Then the US would control Iranian oil. If Russia doesn’t want to join, China could just join with Europe.
If the US controls Iranian oil, at worst things will go back to the old situation for Russia: Their oil is worth less, and they have to sell it through back channels.
As long as Iran keeps the strait blockaded, Russian oil is worth way more (like it is right now) and currently the US is allowing it to be traded out in the open.
Europe and China, on the other hand, may find common ground here since both are net importers of oil and gas AFAIK. Russia is a net exporter of both.