Russian President Vladimir Putin and Chinese President Xi Jinping met in Beijing to discuss deepening their countries’ relationship, framed as a stabilizing force in a chaotic world. This meeting comes as Putin seeks greater Chinese support for Russia’s war effort in Ukraine and to bolster its isolated economy due to Western sanctions. The two leaders emphasized the importance of China-Russia relations in promoting peace and upholding fairness and justice on the global stage.
Xi described the China-Russia relationship as hard-earned and emphasized the need to cherish and nurture it. Putin stated that their relationship is not opportunistic and is based on upholding justice, a democratic world order, and international law. This meeting came shortly after Putin praised Russian troops for advancing in Ukraine and Xi returned from a tour of Europe. Despite Western criticism of China’s support for Russia, both leaders emphasized the need for a political solution to the conflict in Ukraine.
China-Russia trade has flourished since the Ukraine invasion, reaching $240 billion in 2023. However, after the U.S. threatened to target financial institutions facilitating Russian activities, Chinese exports to Russia slowed. President Biden’s executive order allows for sanctions on foreign banks dealing with Russia, potentially isolating them from the global financial system. This, coupled with efforts to repair ties with the U.S., may make Beijing hesitant to openly support more cooperation with Russia.
Both countries are set to sign a joint declaration following the talks, marking 75 years of diplomatic relations. Putin will also meet with China’s number two official and attend a trade and investment expo in Harbin. Chinese banks have reportedly slowed or halted transactions with Russian clients due to the increased scrutiny on financial institutions dealing with Russia. Despite these challenges, the leaders expressed their commitment to strengthening their partnership and playing a constructive role in promoting peace and stability on the European continent.
Overall, the meeting between Putin and Xi emphasized the strategic importance of the China-Russia relationship in the current geopolitical landscape. While facing pressure from the West over their ties with Moscow, both leaders reiterated their commitment to a peaceful resolution to the conflict in Ukraine. The economic implications of increased scrutiny on China-Russia trade are evident, as Chinese exports to Russia have slowed in recent months. Despite these challenges, both countries are working towards deepening their ties and promoting stability in the region.
