Vladimir Putin with Xi Jinping
On Tuesday, Beijing’s foreign ministry announced that Russian President Vladimir Putin will visit Beijing this week at the invitation of President Xi Jinping.
Putin will visit Beijing from Thursday to Friday, according to the foreign ministry spokeswoman Hua Chunying, marking the Russian leader’s second visit to China in just over six months.
This will be the Russian president’s first foreign trip since his re-election in March.
Analysts say Russia has become increasingly reliant on China as a crucial economic lifeline since the West imposed unprecedented sanctions on its military offensive.
Beijing has dismissed criticism of its connections with Moscow, praising its “no limits” partnership as it benefits from low-cost Russian energy imports and access to huge natural resources, including steady gas exports via the Power of Siberia pipeline.
However, as that economic alliance comes under increased scrutiny in the West, Chinese banks, anticipating US sanctions that might cut them off from the global financial system have begun to tighten the screws on Russian enterprises.
Trade between China and Russia has increased since the Ukraine invasion, which Beijing has never denounced, and hit $240 billion in 2023, as per Chinese customs figures.
However, as Washington pledged to target financial institutions that help Moscow, Chinese exports to Russia fell between March and April, following a rise earlier in the year.
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