Russian President Vladimir Putin has embarked on a significant four-day visit to China, commencing from 1 September 2024. This journey comes at a time when his nation grapples with the damaging effects of Western sanctions imposed due to the ongoing conflict in Ukraine. During this trip, Putin aims to bolster economic cooperation with China — Russia’s largest trading partner — and discuss strategies for mutually beneficial engagement.
Military and Economic Discussions
Putin’s agenda includes attending the Shanghai Cooperation Organisation (SCO) summit in Tianjin, followed by discussions with Chinese President Xi Jinping in Beijing. The SCO, founded in 2001, has expanded its membership to include ten permanent members, including notable nations like Iran and India, thus strengthening its regional influence.
Trade Relations in Focus
Amid rising tensions with Western nations, which have severely affected Russia’s economy, Putin has indicated a surge in bilateral trade with China. He noted that total trade reached a staggering US$245 billion (S$314 billion) in 2024, largely driven by China’s purchase of Russian energy resources. key points of this partnership include:
- Increased oil exports to China, compensating for losses from other markets.
- Expansion of agricultural exports, including pork and beef.
- Transactions predominantly conducted in rubles and yuan to bypass Western sanctions.
Background and Context
Putin’s trip will also commemorate historical ties, as he attends a major military parade in Beijing, marking the end of World War Two. This is in line with a series of diplomatic engagements that have seen both leaders meet over forty times since Xi took office, reinforcing their