Beijing, May 19, 2026

Chinese President Xi Jinping and Russian President Vladimir Putin met in Beijing to mark the 25th anniversary of their bilateral friendship treaty, reinforcing their strategic partnership amid global tensions.

Economic and Energy Cooperation

The meeting between Putin and Xi focused heavily on economic collaboration, particularly in energy. Russia is economically dependent on China, with a quarter of all Russian exports going to China. Since the start of the war in Ukraine, Moscow has earned $367 billion from oil and gas exports alone, much of it flowing to China.

A key topic was the expansion of the Power of Siberia 2 gas pipeline, which could increase export capacities by 50 billion cubic meters annually. Putin aims to compensate for lost European exports by deepening ties with Beijing. Additionally, discussions touched on the ESPO oil pipeline, which could secure China’s oil supply in case of a conflict over Taiwan.