(Bloomberg) — The last time Vladimir Putin visited China, he went home with the promise of friendly partnership from Xi Jinping. Less than a month later, the Russian president launched a full-scale invasion of Ukraine. But in the 20 months since then, he’s found himself in ever-greater need of economic and diplomatic support from his friend to the east.
The two leaders and their nations have become closer because of the war, forming an alliance of sorts that could have broad implications for the world in general—and the US in particular. In the Bloomberg Originals mini-documentary Why China-Russia Ties Worry the US, we explore how Russia’s reliance on China has expanded at such a fast pace, how it has transformed Russian markets and what it means for a fraught geopolitical landscape. As Xi and Putin grow more friendly, the video illustrates how their mutual distrust of the US may be their strongest bond.
The West has brought down wave after wave of sanctions in the wake of the Kremlin’s war. China’s exports to Russia have jumped as a result—so far this year, they’ve climbed 57%. The yuan meanwhile accounted for almost half the value of all foreign exchange trading in Moscow last month—up from just 0.4% in January 2022. And China is now the largest importer of fossil fuels from Russia, with coal shipments more than doubling since 2020.
China has even more to gain. Xi has long sought to elevate the yuan in a bid to challenge the global dominance of the US dollar. The war in Ukraine, as it turns out, has done more for his cause than any policymaking in Beijing. Read More: Will Xi Jinping’s Gamble on Vladimir Putin Pay Off?To see more Bloomberg Originals video documentaries, click here.To subscribe to the Bloomberg Originals YouTube channel, click here.
–With assistance from Rebecca Choong Wilkins and Colum Murphy.
©2023 Bloomberg L.P.
2023-10-18 23:21:15
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