Chinese President Xi Jinping and Russian President Vladimir Putin met on the sidelines of the SCO Summit. This is the first time the two leaders are holding an impasse on talks since the war in Ukraine began. Putin thanked the Chinese leader for his balanced position on Ukraine but also said that he understood Beijing's questions and concerns over the conflict. The Russian president condemned attempts by the west to create a unipolar world. Putin also explicitly backed China over Taiwan, saying that Moscow firmly adheres to the One China policy. The Russian president also condemned US provocations in the Taiwan Strait. China is willing to make efforts with Russia to assume the role of great power and play a guiding role to inject stability and positive energy into a world dropped by social turmoil. 

This is Xi Jinping's first overseas trip since the start of the Pandemic. It comes as the Chinese president seeks a historic third term. The SCO summit saw the gathering of leaders from all the heavyweights in Central Asia, including Indian Prime Minister Narendra Modi. The Kremlin said that while Putin was set to meet other leaders, his meeting with Xi Jinping was of particular importance. Currently, Russia has been isolated by the west. China's relations with the west have soured recently too following tensions in Taiwan. The two leaders last met at the Winter Olympics in Beijing this year. Russia invaded Ukraine days later, an action that China has neither condemned nor supported. Since then, Moscow and Beijing have been actively strengthening ties. China is not part of the international sanctions against Russia. Trade between the two countries has continued to grow. Chinese import of Russian oil has been soaring since the invasion. China and Russia have long sought to position the SCO as an alternative to Western multilateral groups. 

For Putin, China's big power support is crucial. Moscow is currently isolated by the west after the Ukraine war, and this allows Russia to cement its tilt toward Asia. But there is a limit to the partnership. China has been careful about its position on the Russia-Ukraine war. It neither supports it nor condemns it. In fact, China's parliament chief has said that Russia's actions are a legitimate response to America's provocation. Currently, Russia and China enjoy the best relations the two countries have seen since the 1950s. 

The two countries share a long border. And that brings us to what is sustaining this friendship. Number one is energy. Selling oil and gas to Europe is the main source of Russian foreign currency earnings. And now Putin is selling more to China, the world's largest energy consumer. China is Russia's largest buyer of oil. In fact, Beijing imported 17% more Russian crude between April and July than it did in the same period a year ago. Currently, Power of Siberia 1 is the only major Russian gas pipeline to China. It is expected to deliver 16 billion m³ in 2022. Now, Gasprom is studying the possibility of a major new gas pipeline called the Power of Siberia Two, one that will travel through Mongolia, taking Russian gas to China. So the energy relationship is secured. 

But what about trade with Russia? China is its top trading partner in 2021. The trade turnover between the two reached $140,000,000,000 in 2022. So far, trade has been equal to $93 billion, with data showing a 30% rise in trade so far this year. The yuan too is becoming more popular in Russia, especially as Moscow tries to ditch its addiction to cash US. Dollars. In fact, Russia's government is considering a new proposal. Moscow could buy three to $4 billion worth of Chinese yuan a month, and this could help stem the ruble's rise. 

The leaders even share a great personal rapport. Since 2013, the two have met over 30 times. Xi Jinping even called Putin his best friend. They have unveiled Pandas together. They have coped together not once, but twice. In 2018, Putin made dumplings with Xi Jinping and when Xi came to Russia, they made pancakes together. They called each other their best friends and partners in an alliance. Economic ties are the foundation of this relationship. But it looks like Russia and China are moving closer to each other every day. For now, the two leaders are putting up a united front. But how exactly will this equation evolve? Only time will tell.

Xi Jinping-Putin meet amidst Ukraine and Taiwan tensions

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