Sergei Bobylev/ReutersMoscow and Beijing agreed to deepen financial and trade ties, Russian President Vladimir Putin said on a trip to China to meet his most important ally, Xi Jinping. The announcement came during public talks in which both leaders railed against the US and its Western partners: Putin spoke of shaking off “the influence of third countries,” while Xi complained of “unilateral hegemony.” The pair did not provide details on the banking and payments deals they discussed, but the issue is a crucial one, with the US having imposed so-called secondary sanctions on banks around the world that help finance deals supporting Russia’s military, issuing particular warnings for Chinese lenders. Putin’s visit reveals long-term geopolitical shifts, with the director of the Carnegie Russia Eurasia Center writing in The New York Times that “never since the fall of the Soviet Union has Russia been so distant from Europe, and never in its entire history has it been so entwined with China.” Indeed, The Jamestown Foundation noted, demand is booming for Chinese speakers in Russia, turning an old joke on its head: “In Soviet times, Russians joked that the optimists were learning English, the pessimists Chinese, and the realists Kalashnikov.” |