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Russia has no need of the income because it is in a denomination they can’t now spend.

Countries only need to export to the extent that they can get imports. Anything beyond that is a waste - and clearly so now that foreign reserves are being frozen and defaulted on.

Russia is keeping the gas on to keep the EU out of the war.

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They keep nukes to keep EU (well, NATO) out of the war. The gas is flowing because it's their last card, if they stop the gas they will lose it and EU will be forced to look for alternatives asap and won't come back. Selling more to China is not a good short option because as I understand there is no infrastructure, most pipes go to the west. Russia needs this money to trade with China, they won't accept Rubble.

China and Russia have swap arrangements.

And China uses Yuan, not Euros.

In very international trade the buyer uses the currency they have and the seller gets the currency they want. The finance system is there to make the match.

We don’t trade using pebbles. We trade using promises that are created on demand.

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