Russian President Vladimir Putin met with Chinese Premier Li Qiang in Moscow on Wednesday, emphasizing the growing economic ties between their nations as Russia becomes increasingly reliant on China for political and economic support. The meeting, held in the Kremlin, highlighted the deepening relationship between the two countries, although no discussions were reported on the ongoing Ukraine conflict.
Strengthening Trade and Economic Relations
During the meeting, Putin praised the successful development of trade relations between Russia and China. “Our trade relations are developing, developing successfully… The attention that the governments of the two countries on both sides are paying to trade and economic ties is yielding results,” Putin stated. The Russian leader also mentioned that Russia and China have formulated “large-scale plans” for economic and other projects, underscoring the strategic partnership between the two nations.
Chinese Premier Li Qiang echoed Putin’s sentiments, noting that Chinese-Russian relations have reached an “unprecedentedly high level.” Earlier in the day, Li met with Russian Prime Minister Mikhail Mishustin, further solidifying the economic cooperation between the two countries.
No Mention of the Ukraine War
Despite the ongoing conflict in Ukraine, Russian news outlets did not report any discussions between Putin and Li regarding the war. China has maintained a position of neutrality in the conflict, although it shares Russia’s animosity toward Western nations. The absence of Ukraine in their discussions reflects China’s cautious approach to the situation, as it continues to balance its relationship with Russia while managing its global diplomatic stance.
China’s Growing Influence in Russia
Following the imposition of heavy sanctions on Russian oil by Western countries in response to Russia’s invasion of Ukraine in February 2022, China has significantly increased its purchases of Russian oil. This move has enhanced China’s influence in Russia and solidified its role as Russia’s primary trading partner. In 2023, trade between the two countries surged by over 60% to $240 billion, with Russia surpassing Germany, Australia, and Vietnam as one of Beijing’s top trading partners, according to Chinese customs data.
The Chinese yuan has also gained prominence in Russia, now accounting for about 40% of Russia’s export and import payments and more than half the value on Russia’s foreign currency market. This shift illustrates the deepening economic ties between the two nations as they navigate the complex global landscape shaped by the Ukraine conflict and Western sanctions.
Future Cooperation and Strategic Partnership
Both Li and Mishustin emphasized the complementary advantages and potential for practical cooperation between China and Russia. They called for increased collaboration in both traditional sectors and emerging areas, highlighting the strong strategic partnership between the two countries. As Russia faces growing international isolation, its alliance with China continues to be a crucial element of its foreign policy and economic strategy.
(With inputs from agencies)
