Putin Seeks Stronger Energy, Military, and Trade Deals With China as US Sanctions Hit Russian Economy

By Thea Felicity

May 15, 2024 11:07 AM EDT

Vladimir Putin to Assume 5th Term as Russia's President: How Could It Shake Many Countries' Economies But Not China?
Russia's President Vladimir Putin is poised to extend his reign without a serious competitor.
(Photo : GAVRIIL GRIGOROV/POOL/AFP via Getty Images)

Russian President Vladimir Putin's upcoming visit to China, scheduled for later this week, is poised to reinforce the strategic alliance between the two nations. This meeting marks Putin's inaugural overseas trip since commencing his fifth term as President. 

Now, analysts from CNBC suggest that Putin's agenda revolves around three key objectives he aims to secure from Chinese leader Xi Jinping.

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Putin-Xi Meeting Agenda

Firstly, Putin's current priorities include striking a deal for the Power of Siberia 2 natural gas pipeline. He also seeks to increase Chinese support for the ongoing conflict in Ukraine, particularly in terms of military hardware. Ultimately, gaining access to Chinese financial markets is a must while taking advantage of the Chinese currency to boost Russia's trade prospects.

Despite these aspirations, progress on these fronts has been relatively slow.

Ahead of the visit, Putin expressed optimism about the swift development of economic and trade relations between Russia and China. He also voiced support for China's proposed resolution to the Ukraine conflict, which the US took note of and ordered sanctions immediately, per VCPost.

However, tensions persist surrounding China's military backing of Russia, particularly in light of recent actions by the Biden administration. The US announced stringent tariff rates on $18 billion of Chinese imports, including quantum research. 

Observers suggest that these circumstances prompt China to draw closer to Moscow, given the perceived containment efforts by the US and its allies.

READ MORE: US Sanctions Hundreds of Chinese, Russian Suppliers Over Putin Invasion Support Accusations

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