Crashed: How a Decade of Financial Crises Changed the World

by Adam Tooze

But for America to take a strong line in Asia while at the same time confronting Russia in Europe had its price. It offered Russia an opportunity and Putin seized it. In the spring of 2014, as the seriousness of Russia’s confrontation with the West became clear, the Moscow leadership resolved on a strategic approach to China.83 China would provide Russia with support against the West. If the United States and the EU were determined to oppose Russia in economic terms, it would find markets in China and sources of capital in Shanghai and Hong Kong. China, for its part facing resistance in the South China Sea, could build a Eurasian land route via Russia and Central Europe. The EU had shown no interest in joining America’s “de facto containment alliance” in Asia. Russia would provide the bridge.