In a significant shift in global alliances, Russia is strengthening its economic and political ties with China, emphasizing the importance of cooperation between the two nations. Russian President Vladimir Putin’s visit to Beijing for his first trip abroad after being inaugurated for a fifth term underscores this strategic partnership.
Before the conflict in the Donbas region in 2014, Russia maintained close relations with Western countries. However, the crisis in Ukraine severely impacted these ties, prompting Moscow to pivot eastward over the past decade. Today, China has emerged as Russia’s major economic partner, playing a crucial role in the nation’s foreign policy.
Last year, bilateral trade between Russia and China reached a record $240 billion, reflecting a significant increase in economic collaboration. In contrast, trade between Russia and the European Union has declined sharply. In 2023, Russian exports to Europe amounted to $84.9 billion, considerably less than the $303.6 billion earned from exporting goods and energy to Asia.
Over the past five years, Russia and China have doubled their trade turnover, highlighting the growing importance of their economic relationship. According to President Putin, over 90 percent of transactions between Russian and Chinese companies are now conducted in national currencies—the ruble and the yuan—rather than in U.S. dollars. Putin stated that business ties between Moscow and Beijing are “reliably protected from the negative influence of third countries.”
This shift is seen as a response to sanctions imposed by the United States and its allies on Russia. Despite these sanctions, which were not approved by the United Nations Security Council, China continues to expand its economic cooperation with Russia, adhering to international law.
Following a summit held in Beijing on May 16, President Putin and President Xi Jinping emphasized their commitment to collaboration in various industries. “In response to Western sanctions, Russia aims to bolster collaboration with China in the automotive and household appliance industries,” Putin remarked during the meeting.
The deepening partnership between Russia and China signifies a realignment in global economic and political landscapes. As both nations face challenges on the international stage, their cooperation serves as a strategic move to strengthen their positions and pursue mutual interests.
Reference(s):
cgtn.com
