There is a third pipe which is ability of Russia to use foreign currency to buy stuff. That is the pipe that got turned off, it is not clear if/why Russia would continue to send gas.

On one hand they could stop sending gas, on the other hand what else would they do with that gas? I am hoping that they do not have significant storage or transportation to Asia infrastructure.

That third pipe has a large arterial which detours through China before reaching the West.

You assume that it would reach the West.

Maybe China just takes the Russian gas and pays them in Yuan.

I have a hard time believing that China will forward energy resources to anyone else when they, themselves could be using said resources. But I could be wrong. Maybe they're big hearted like that.

Putin is definitely going to try and launder his monetary reserves through China to access the greater world.

So Bitcoin?

Presumably oligarchs and Putin think that there's a way for them to evade sanctions.

Russia has hoarded cash, Europe has not hoarded gas. There’s the issue.

Russia's money is gone:

https://www.bloomberg.com/opinion/articles/2022-02-28/russia...

Cash is liquid, 80% of Russian reserves are not any more, after yesterday.

There are certain gas reserves... also winter is just about over. So demand will probably be less.

All the bank sanctions have had carveouts for fossil fuels.