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RE: LeoThread 2026-01-09 03-51

China is now looking to Iran and Russia for crude, furthering the disconnect between the East and West. Cargoes secured in Asian waters can cover two and a half months of China’s demand, easing any immediate shocks. Yet, Venezuela still owes China around $19 billion in outstanding debt that was largely secured by long-term crude imports.

China is enraged. Foreign Ministry spokespeople Mao Ning and Lin Jian demanded Venezuela retain “full and permanent sovereignty” over its natural resources and accused the US of “seriously breaching” international law. China’s “legitimate rights and interests in Venezuela must be protected,” according to state media. China’s United Nations representative reiterated this statement, demanding that the US “cease its bullying and coercive practices.”