“NO LIMITS”
“The Russians want China to do more to support it, which China is reluctant to do because it doesn’t want to jeopardise its relationship with the West,” Alexander Gabuev, director of the Carnegie Russia Eurasia Center, told AFP.
Trade between China and Russia has boomed since the Ukraine invasion – which Beijing has never condemned – and hit US$240 billion in 2023, according to Chinese customs figures.
But after Washington vowed to go after financial institutions that facilitate Moscow, Chinese exports to Russia dipped during March and April, down from a surge early in the year.
That comes as Beijing faces growing calls to decouple from Russia – or suffer consequences its struggling economy is ill-equipped to handle.
“Chinese banks are concerned about reputational costs as they seek to forestall major sanctions,” Elizabeth Wishnick, a senior research scientist at the naval analysis centre CNA, told AFP.
“Certainly major Chinese banks would want to avoid that scenario given current economic difficulties domestically.”
Putin’s post-election trip to Beijing echoes Xi’s own to Russia after his re-anointing as leader last year.
Experts expect this week’s highly symbolic meeting to result in toasts to the “no limits” partnership, as well as some deals signed and pledges to increase trade.
The Russian leader knows full well that Beijing remains determined to back Moscow – seen by Chinese policymakers as a crucial bulwark against the West and a critical ally in its fight against a US-led world order, analysts said.
“The Russians are not overly emotional and naive,” Carnegie’s Gabuev said. “They understand how important ties with the West are for China.
“They know for sure that China will not drop them, throw them under the bus.”
