While everybody knew that Russia would turn to China for alternative source of credit once EU/US sanctions took effect, there was no existing process for China to loan the money out until now

When Russian bankers traveled to China last fall having been spurned by Western banks, they found it tough sledding - China is bursting with capital, but their firms lacked the experience to do deals.

Chinese banks did not have a mechanism or the institutional depth to provide the Russians with loans despite large reserves. Now a new agreement could unlock Chinese credit.

Another BRIC in the wall

The Russian side will take on part of the risk because China banks don't have the experience or management expertise to do sufficient risk analysis.

There goes another lucrative market taken from primarily Europe, and handed over to Chinese banks, which can't believe their good luck.

The Europeans continue to take hits to their struggling economies, sacrificing their sovereignty to US geo-political interests.

According to Sputnik: