RUSSIA’S PUTIN TO VISIT CHINA THIS WEEK ON INVITATION OF PRESIDENT XI

Tue 14 May 2024:

Russian President Vladimir Putin is set to embark on a two-day journey to China this week, responding to an invitation from Chinese President Xi Jinping, as announced by Beijing’s foreign ministry on Tuesday (May 14).

Foreign ministry spokeswoman Hua Chunying confirmed that President Putin will be in Beijing from Thursday to Friday (May 16-17), marking his second visit to China in a span of just over six months.

The significance of this visit lies in Russia’s reliance on China as a crucial economic lifeline, particularly amid unprecedented sanctions imposed by the West. Despite facing criticism from Western quarters for its close ties with Moscow, China remains steadfast in advocating for an unrestricted partnership with Russia.

For China, this alliance translates into various benefits, including discounted imports of Russian energy and access to abundant natural resources, facilitated by ventures like the Power of Siberia pipeline, ensuring a steady flow of gas.

However, this economic symbiosis encounters hurdles. Chinese banks, wary of potential US sanctions that could impede their global financial access, have begun imposing stricter regulations on dealings with Russian entities, presenting a challenge to ongoing cooperation.

Notwithstanding these challenges, trade between China and Russia has flourished, especially since the Ukraine invasion, reaching $240 billion in 2023 according to Chinese customs data. However, following US warnings of sanctions against entities aiding Moscow, Chinese exports to Russia experienced a downturn in March and April, reversing the earlier surge witnessed earlier in the year.

This decline coincides with mounting pressure on Beijing to sever economic ties with Russia, with potential repercussions posing a significant threat to China’s already delicate economy.