Putin set to visit Beijing this week

RUSSIAN President Vladimir Putin will visit China this week on the invitation of leader Xi Jinping, Beijing’s foreign ministry said.

Putin will be in Beijing from tomorrow to Friday, foreign ministry spokeswoman Hua Chunying said yesterday, in the Russian leader’s second visit to China in just over six months.

It will be the Russian leader’s first trip abroad since his March re-election and his second in just over six months to China.

Analysts say Russia is increasingly dependent on China as a crucial economic lifeline since the West hit it with unprecedented sanctions over its military offensive.

Beijing has rebuffed criticism over its ties with Moscow, hailing its “no limits” partnership as it enjoys cheap Russian energy imports and access to vast natural resources, including steady gas shipments via the Power of Siberia pipeline.

But as that economic partnership comes under close scrutiny in the West, Chinese banks fearing US sanctions that might cut them off from the global financial system have begun turning the screws on Russian businesses.

“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 Centre, told AFP.

Trade between China and Russia has boomed since the Ukraine invasion – which Beijing has never condemned — and hit US$240bil (RM1.13 trillion) in 2023, according to Chinese customs figures.

But as 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 finds itself facing growing calls to decouple from Russia – or face 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 CNA said. — AFP