Chinese President Xi Jinping and Russian President Vladimir
Putin are meeting at the Shanghai Cooperation Organization (SCO) 2022 summit
this week. The rendezvous is perhaps one of the most critical geopolitical
meetings so far this year. With Russian war effort in Ukraine running into
trouble, the Kremlin has sought to position itself closer to China. China,
which has tacitly supported Putin’s aggressive manoeuvres in eastern Europe,
wants to support Russia against West’s hegemonic proclivities, but an
appearance of neutrality remains important for the Communist state to keep
business running as usual.

Putin and Xi Jinping had met once earlier this year, in
February, on the side-lines of the Beijing Winter Olympics. At the meeting,
China had promised Russia a “no-limits” friendship. Soon after, Russian forces
marched into Ukraine and Russia turned a pariah nation with large chunks of
Western Europe and the United States actively mobilising against Putin.

In the initial days of the war effort, Moscow’s troops were going
around without much resistance. It is only when Ukraine forces, helped by NATO
weapons, thwarted attempts to conquer capital Kyiv, followed by recent resistance
in eastern Ukraine’s, Kharkiv region, that Russia has faced a significant
challenge in terms of the war.

Meanwhile, as the West cut economic ties with Russia, Putin
has become increasingly closer to Xi. China-Russia trade volumes are at a
record high and Beijing has been snapping up Russian oil and coal to manage an
energy crisis. Russia, on the other hand, has become a top market for Chinese
currency as Chinese businesses are seeing an opportunity after Western brands
exit.

Chinese spending on Russian goods has gone up 60% since last
August, hitting $11.2 billion, according to Chinese customs statistics reported
by CNN. Shipments to Russia have jumped 26% to 8 billion in August, accelerating
from the previous month.

Keith Krach, former Under Secretary of State for
Economic growth, energy and the Environment in the United States, told CNN: “Russia
needs China more than China needs Russia. As the war in Ukraine drags on, Putin’s
losing friends fast and increasingly becoming more and more dependent on China.”