22-8-2024 (MOSCOW) Russian President Vladimir Putin lauded the burgeoning economic partnership between Russia and China on Wednesday, as he welcomed Chinese Premier Li Qiang to the Kremlin. The meeting underscored the deepening alliance between the two nations, particularly in light of Russia’s increasing isolation from Western economies due to the ongoing conflict in Ukraine.
“Our trade relations are developing successfully,” Putin stated, emphasising that the concerted efforts of both governments in fostering economic ties are “yielding results”. The Russian leader highlighted the existence of “large-scale joint plans” and projects in both economic and humanitarian spheres, projecting a long-term vision for bilateral cooperation.
Premier Li reciprocated Putin’s sentiments, describing Sino-Russian relations as being at an “unprecedentedly high level”. He credited the strong personal rapport between Putin and Chinese President Xi Jinping for creating a “powerful impulse” towards further strengthening bilateral ties.
In a separate meeting, Russian Prime Minister Mikhail Mishustin characterised the partnership as a “powerful stabilising factor” in the face of shifting global dynamics. Mishustin stressed the importance of their strategic cooperation “in a situation where new contours of the global order are being formed”.
The talks yielded concrete outcomes, with both sides agreeing to optimise trade structures, increase bilateral trade volume, and promote e-commerce development, according to Chinese state media Xinhua. Additionally, the two nations pledged to expand cooperation in Arctic exploration and bilateral agricultural trade.
A significant shift in trade dynamics was highlighted by Mishustin, who revealed that the share of the Russian ruble and Chinese yuan in mutual settlements now exceeds 95%. This move away from Western currencies underscores Russia’s efforts to circumvent international sanctions and reduce its dependence on the US dollar.
The strengthening Sino-Russian alliance comes against a backdrop of shared opposition to what both countries perceive as Western hegemony, particularly US dominance in global affairs. The joint communique, as reported by Xinhua, criticised nations that “use the so-called ‘rules-based order’ to maintain their own privileges” and obstruct the collective rise of emerging markets and developing countries.
While China maintains its stance as a neutral party in the Ukraine conflict, Western nations have branded Beijing a “decisive enabler” of Russia’s actions. Despite this, China has benefited from discounted Russian energy imports and increased access to natural resources, including steady gas shipments via the Power of Siberia pipeline.
