Politics
Xi Jinping and Vladimir Putin meet in Beijing and sign more than 40 cooperation agreements
A few days after Donald Trump left Beijing, Vladimir Putin arrived. The timing was not subtle.
Chinese President Xi Jinping and Russian President Putin met in Beijing on Wednesday and signed more than 40 cooperation agreements covering trade, energy, technology and media. The two leaders presented their relationship as being at its highest level in history, a phrase that has become something of a diplomatic tradition at these summits but which has increasingly tangible economic weight.
Energy deals take center stage, but what matters most remains elusive
The centerpiece of the summit was energy cooperation, and the numbers are clear. Russian oil exports to China rose 35% year-on-year in the first quarter of 2026, continuing the massive rerouting of Russian energy flows that began after Western sanctions made European markets increasingly hostile to Moscow.
But the deal that everyone was waiting for did not materialize. The multibillion-dollar Power of Siberia-2 pipeline, which would connect Russia’s vast Siberian gas fields to China via Mongolia, has yet to reach a binding agreement. The pipeline has been under discussion for years and its absence from the final statement suggests the two sides still have not resolved price and volume terms.
The more than 40 agreements signed covered a wide range of areas of cooperation. Technological coordination has received particular attention, with both sides signaling closer collaboration in sectors that Western export controls have attempted to restrict. Cooperation agreements with the media were also included.
Dedollarization and the digital currency angle
Russia and China have steadily increased the share of their bilateral trade settled in their own currencies rather than US dollars. Sanctions have forced Russia’s hand, but China has made the internationalization of the yuan a strategic priority for more than a decade.
Both countries are also developing tightly controlled central bank digital currencies. China’s digital yuan is the more advanced of the two, having undergone extensive pilot programs in major cities. The Russian digital ruble is earlier in its development cycle but serves a similar strategic objective: creating a financial infrastructure capable of operating independently of Western-controlled payment networks like SWIFT.
Both Beijing and Moscow have severely cracked down on decentralized cryptocurrencies while simultaneously creating state-controlled digital alternatives. China’s ban on cryptocurrency trading remains firmly in place. Russia has oscillated between hostility and reluctant tolerance, eventually developing narrow legal frameworks for cross-border mining and settlement using digital assets.
What this means for investors
The lack of agreement on the power of Siberia-2 is worth monitoring. If and when this pipeline deal is signed, it will lock in decades of large-scale yuan-denominated energy trading, representing perhaps the biggest structural blow to petrodollar dynamics since the system’s inception in the 1970s.
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