In a significant move reflecting the evolving global landscape, Russia has deepened its partnership with China, positioning Beijing as a cornerstone of its foreign policy strategy. This shift comes in the wake of strained relations with Western nations following the Ukraine crisis that began in 2014.
Russian President Vladimir Putin's decision to visit Beijing for his first overseas trip after securing a fifth term underscores the importance Moscow places on its relationship with China. Over the past decade, Russia has redirected its geopolitical and economic focus eastward, recognizing China as its primary economic ally.
The economic collaboration between Russia and China has seen remarkable growth, with bilateral trade reaching a staggering $240 billion last year. This surge is even more notable when compared to the significant decline in trade with the European Union, where Russian exports dropped from $303.6 billion to $84.9 billion in 2023.
One of the key factors strengthening this alliance is the shift towards using national currencies for bilateral transactions. Putin highlighted that over 90 percent of trade settlements between Russian and Chinese companies are now conducted in rubles and yuan, reducing dependence on the U.S. dollar and insulating the partnership from external sanctions.
Despite the sanctions imposed by the United States and its allies, Russia emphasizes that these measures were not sanctioned by the United Nations Security Council, allowing China to continue expanding its economic cooperation with Moscow without legal impediments.
Looking ahead, Putin has expressed intentions to further enhance collaboration in sectors such as automotive and household appliances, signaling a robust and resilient partnership that is likely to shape the geopolitical and economic dynamics of the region for years to come.
Reference(s):
cgtn.com
