Russia will now sell nat gas to China. China should pay with hard foreign currency. USD, Euros and even maybe Gold.
China has long been satisfied with huge reserves of foreign currency yielding microscopic yields. Some of this hard currency will now flow to Russia which basically must import goods and services and spend money they cannot otherwise generate.
So China reduces foreign exchange reserves or at least reduces their rate of growth. Russia the bad boy du jour spends money and recycles into western economies for consumption purposes which will help boast demand. Money circulation increases, factories and other forms of production increase activity.
The pressure for rates going up decreases.
George Gutowski writes from a caveat emptor perspective.