China has what Russia wants: masses of US dollars. Russia has what China wants: energy. Hence Tuesday’s oil-for-loans agreement between Moscow and Beijing. Russia’s state oil companies get 20-year loans to help them refinance while preserving capital spending. China gets cheap fuel for the duration.

Bilateral deals happen all the time between countries. The difference is no one has tried to dress this up as political or diplomatic. It is artifice-free exchange of one commodity for another.