- Putin and Xi Jinping demonstrating the two countries increased mutual trust.
- 90% of all payments between the two countries are currently made in yuan and roubles.
- Putin is scheduled to visit Harbin, popularly known as China’s Ice City, on Friday.
The foundation of China and Russia’s alliance has been respect for one another, a “confluence of interests,” and treating one another equally. Following a morning of meetings, Putin and Xi Jinping spoke in front of the assembled media, demonstrating the two countries’ increased mutual trust and support for one another.
90% of all payments between the two countries are currently made in yuan and roubles, showing how much they are conducting commerce in their currencies rather than US dollars. Although 70% of trade is presently conducted in yuan, Putin had hoped to talk about specifics of plans to tighten financial settlement procedures using the currency.
Putin meets Xi
Putin is scheduled to visit Harbin, popularly known as China‘s Ice City, on Friday; his travel has brought attention to the city. The largest ice sculptures in the world are on display during Harbin’s yearly Ice and Snow Festival, one of the city’s most well-known winter attractions.
Saint Sophia Cathedral, a former Russian Orthodox cathedral constructed in 1907, is another example of the city’s rich Russian past. Harbin residents are acquainted with Russian and Eastern European cuisine, including borscht, a hearty, vibrant red stew, as well as regional specialties like hongchang, red sausage, and dalieba bread, which are made using Russian methods.
The two leaders’ discussion appears to be taking far longer than anticipated, therefore there will be no press conference today. Putin wants to talk to China about how the two nations might be able to circumvent some of the Western sanctions, according to Matthew Sussex, an associate professor of strategic and defense studies at the Australian National University.
Chinese banks are now “somewhat leery” of accepting payments from Russian banks, as Chinese exports to Russia have decreased recently. China has openly called for an end to hostilities but has continued to help Moscow in its “straddle diplomacy” on the Russia-Ukraine war. Given the benefits to resources that a partnership with Russia can provide, Dr. Sussex thinks that Xi Jinping’s decision to keep relations with Russia is not too much to pay.
