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This is CBS, I in the world. I'm John Bachelor.

Michael Bernstam of the Hoover Institution is here watching the Russian economy

under severe sanctions and in trade with its allies. In particular, there's a Reuters headline

talking about how Russia has approached China very gingerly.

You note that Mr. Putin is scheduled to visit Beijing in these next weeks in October to sit

with Xi Jinping. This headline, China vows deeper trade investment with Russia despite Western

Rebuke. A very good even to you, Michael. What does the China trade look like?

You report to me that China was reducing its oil purchases all summer.

Where are they going with this? Good evening, too.

Good evening to you. There is a very significant development. China has

significantly reduced its oil imports from Russia, not for any reason but the price.

It's just that Russia used to give them a very significant discount of 20 and 25 dollars per barrel

down from the current brand and since oil prices on the world market have increased,

the Russians started to make more money on oil exports but at the same time because

their desperate to make foreign dollar revenues from exports they reduced their discount to China.

...