Donald Trump’s Beijing visit occurred less than a week ago, and now Vladimir Putin arrives in the Chinese capital for a state meeting with Xi Jinping. What implications does this hold for Europe?
To understand beyond the official program, one only needs to examine the list of attendees. Whereas the US president was accompanied by leaders from the tech and finance sectors, Putin’s large delegation comprises five deputy prime ministers, eight ministers, regional governors, and the head of Russia’s central bank.
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China has become an essential economic partner for Russia. Bilateral trade has surpassed 200 billion dollars annually for three consecutive years, making Moscow heavily reliant on Beijing for industrial machinery, electronics, and automobiles.
Following the exclusion of major Russian banks from Western financial networks, trade conducted in Chinese Yuan surged dramatically from below 2% in 2022 to nearly 30-40% of Russia’s total trade volume.
Meanwhile, China is purchasing record quantities of discounted Russian oil, exceeding 100 million tonnes each year. Concurrently, Xi is promoting a substantial new gas pipeline project, Power of Siberia 2. The calculation is clear: the Chinese leader seeks affordable Russian raw materials but must avoid Western sanctions that could hinder Chinese exports to lucrative European markets.
It is also worth noting who else is part of the delegation. Prominently, Kirill Dmitriev, head of Russia’s Direct Investment Fund and Kremlin’s key negotiator with Washington, is present, aiming to use China’s diplomatic influence to de-escalate the Ukrainian conflict.
For Beijing, the Taiwan issue remains central. By demonstrating close ties to Moscow, China exerts pressure on Washington to curtail the US multi-billion-dollar arms sales to Taiwan.
Putin and Xi have met more than 40 times and openly refer to each other as longtime friends. Those expecting these two leaders to retire soon have disappointment ahead. Last year, a hot mic incident revealed their discussion about living until 150 years old.
Perhaps this timeframe will be sufficient for Europe to finally establish its position; if not, to learn Mandarin.
Watch the Euronews video in the player above for the full story.