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Full so _ sell oil, gas and coal essentially full so that's what it does sell to china _ full so that's what it does sell to china but — full so that's what it does sell to china. but it is not an easy switch either it— china. but it is not an easy switch either it sells for more to europe and if you — either it sells for more to europe and if you think about it in a way where _ and if you think about it in a way where russia's sources are, it's a very— where russia's sources are, it's a very long — where russia's sources are, it's a very long way to china. they are neighbours— ver...

That will only drive up costs. the fact is energy is going to continue to be very expensive. it is, and actually it's true that russia can sell oil, gas and coal essentially, that's what it does sell to china. but it is not an easy switch either. it sells far more to europe and if you think about it in a way where russia's sources are, it's a very long way to china. they are neighbours, but there is a hell of a lot of tundra in between, and the economically active bits of both china and russia are very distant. and gazprom cannot build pipelines to china and make profit without massive subsidi...

In a way where russia's sources are, it's a very long way to china. they are neighbours, but there is a hell of a lot of tundra in between, and the economically active bits of both china and russia are very distant. and gazprom cannot build pipelines to china and make profit without massive subsidies and tax breaks. so china has signed a deal to take more russian gas, it's not something you can ramo up very quickly because it they are confined to a pipeline from siberia which has a limited source. and the liquid natural gas is much easier from central asia. they will get the oil cheaper now be...

To continue to be very expensive. it is, and actually it's true that russia can sell oil, gas and coal essentially, that's what it does sell to china, but it is not an easy switch either. it sells far more to europe and if you think about it in a way where russia's sources are, it's a very long way to china. they are neighbours, but there is a hell of a lot of tundra in between, and the economically active bits of both china and russia are very distant. and gazprom cannot build pipelines to china and make profit without massive subsidies from moscow and tax breaks. so china has signed a deal t...

But as jeff was implying, that will only drive up costs. the fact is energy is going to continue to be very expensive. it is, and actually it's true that russia can sell oil, gas and coal essentially, that's what it does sell to china. but it is not an easy switch either. it sells far more to europe and if you think about it in a way where russia's sources are, it's a very long way to china. they are neighbours, but there is a hell of a lot of tundra in between, and the economically active bits of both china and russia are very distant. and gazprom cannot build pipelines to china and make prof...