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Putin to Visit China to Discuss Energy Ties

Russian President Vladimir Putin is set to visit China on May 16-17 for discussions with President Xi Jinping, in part to discuss expanding energy and trade partnerships.

The state visit, initiated by Xi, will cover topics such as China's Belt and Road Initiative as well as the situation in the Middle East and Asia, and Ukraine.

Putin will be accompanied by key officials including Defense Minister Andrei Belousov, Foreign Minister Sergei Lavrov, Security Council Secretary Sergei Shoigu, foreign policy adviser Yuri Ushakov, and executives from major Russian companies such as Sberbank, VTB, Rosneft, and Novatek. They will engage in informal meetings and discussions, highlighting the strategic partnership between the two nations.

The visit also includes a gala evening commemorating the 75th anniversary of the Soviet Union recognizing the People's Republic of China. This relationship, now more critical than ever, sees China challenging U.S. dominance across various sectors, including quantum computing, synthetic biology, and military power.

A key focus of Putin's visit will be discussions with Chinese Premier Li Qiang on trade and economic cooperation. Putin will also visit Harbin, a city with historical ties to Russia, further strengthening regional connections.

Trade between China and Russia reached a record $240 billion in 2023, a 26.3% increase from the previous year, according to Chinese customs data.

China has bolstered its trade and military relations with Russia amid Western sanctions. Russia has become China's top crude oil supplier, with exports to China increasing by over 24% in 2023, despite the sanctions imposed by the West.

In March, China was expecting to import record-high volumes of crude oil from Russia as multiple cargo of India-bound Russia’s Sokol crude were stranded due to Western sanctions, before finding a new destination in oil-hungry China.

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By Julianne Geiger for Oilprice.com

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  • Mamdouh Salameh on May 15 2024 said:
    Relations between Russia and China are
    growing fast from strength to strength in all aspects of trade, technology and strategic affairs.

    In fact, the strategic alliance between the two giants is probably the most influential alliance in the world trying to usher in a New World Order and a New Financial system away from the dollar.

    The growing trade between China and Russia is a testimony to the solidity of their relations and how their two economies compliment each other in a brilliant manner. Trade between them has grown from from $190 bn in 2022 to $240 bn in 2023 and is projected to hit $300 bn in 2024.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert

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