China Has Tools to Help Russia’s Economy. None Are Big Enough to Save It.

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When the United States and its allies declared a financial war on Russia after its invasion of Ukraine, the world turned to see what China would do.As a growing global power, one of the ways China has extended its influence is by establishing close financial ties with countries unwilling to follow rules dictated by the United States and other Western powers. Surely, the thinking went, China would do the same for Russia.There is just one big problem: money. Specifically, China’s money.To help Russia evade sanctions, China would have to offer a viable substitute to the American dollar. But Chinese money — the renminbi — is barely used outside of China. Only 3 percent of the world’s business is done using the redback. Even Russia and China conduct their trade mostly in U.S. dollars and euros.What’s more, the risks of helping Russia avoid economic ruin may be greater for China than any possible reward. Much …