Putin and Xi begin bilateral meetings in Moscow, BRICS takes center stage ahead of US trade talks
Russian President Vladimir Putin and Chinese President Xi Jinping launched bilateral meetings this week in Moscow, at a time when China takes talks with the West to cool trade tensions. The two leaders apparently want to improve the productivity of their alliance and reduce their dependence on the United States and its allies.
The four -day summit, which started Wednesday, coincides with the commemorations of the 80th anniversary of Russia marking the end of the Second World War.
Bloomberg Thursday reportManagers of more than 20 countries, including Brazilian President Luiz Inacio Lula Da Silva, are expected to attend the event.
Russia and China to discuss the future of trade
At the start of Thursday's talks, Putin described the Chinese-Russia relationship as a “full-fledged partnership” rooted in mutual strategic interests. “We are developing our links in the interest of our two peoples and do not aim for anyone,” he said.
The meeting marks the first in person engagement Between the two leaders since the American president Donald Trump imposed prices on foreign products, who set Washington's ties with his traditional allies, in particular China.
Western sanctions have strengthened the economic relationship of China and Russia, in particular since the invasion of Ukraine by Russia in 2022.
In 2024, the bilateral trade between the two nations reached a record of $ 245 billion, more than double the level in 2020. Russian exports to China are dominated by fossil fuels and raw materials, while Chinese exports include vehicles, electronics and other manufactured products.
A joint dashboard By merits, the OSW and the user interface The economic trends in China-Russia show that Chinese exports of goods with a dual-military double use, such as advanced machine tools and flea creation equipment, have increased sharply since 2022.
Chinese Russian crude oil imports increased to $ 62.26 billion in 2024, up 54% compared to 2021, the year before Western sanctions against Russian energy exports take effect. Russian oil exports to China also increased to more than 108 million tonnes in 2024, an increase of 30% in 2 years.
Russian coal exports to China also accelerated as a result of sanctions, culminating in 2023. The momentum slowed down in 2024 because China has widened its production of interior coal and diversified imports.
Meanwhile, Russian LNG exports to China have more than tripled since 2019, reaching 8.3 million tonnes in 2024. Although the pandemic briefly interrupted trade in 2021, LNG volumes quickly rebounded over the following years.
On the pipeline gas front, the Power of Siberia-1 Pipeline, launched in 2019, is expected to reach its full annual capacity of 38 billion cubic meters by 2025. This infrastructure project helped Moscow compensate for the collapse of gas exports to the European Union.
Diplomatic links to survive without America
Beyond trade, China has provided years of diplomatic support to Russia since the war in Ukraine. A few weeks before the 2022 invasion, the two countries declared a “limitless” friendship to deepen their cooperation in the face of the increase in Western influence on the world economy.
This week's meetings in Moscow will also tackle joint coordination in global platforms such as the collective BRICS and the 20 -year group, as USHAKOV confirmed.
Patricia Kim, economist of the Brookings Institution said The Washington Post that Xi's trip to Moscow gives China a chance to reaffirm its “close partnership with Putin” and to “remind the world” that Beijing and Moscow have “solid links”.
Almost 40% of Russia's international trade is now settled in Chinese Yuan, an increase compared to a meager 2% at the start of 2022.
President Trump will not be happy with the growing ties between Russia and China, as he has declared in several public appearances that he considers their partnership as a “threat to America. “Speaking again in March in an interview with Fox News, he warned American commercial allies that they” do not want Russia and China to come together “.
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