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Nationalizing stuff is most definitely not a bluff. There is absolutely no reason for them not to do this, what’s the west going to do in response exactly?
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The west was never going to invest there again anyways. Russia’s future is going to be aligned with China and India, the two biggest growing economies in the world.
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Yes, as a client state to China, as North Korea is now. And when China and India flare up, Russia will be forced to choose China. Their options only become more narrow, so long as Putin remains in control.