Story perspectives

Putin, Xi Forge Top Partnership; Oil Exports Jump 35%

5/21/2026

Center

Putin Bolsters Alliance

The summit produced over 40 new cooperation agreements covering trade, technology and media exchanges.
Russian President Vladimir Putin arrived in Beijing for talks with Chinese President Xi Jinping, declaring partnership at the highest level.
Russia’s oil exports to China rose 35% in Q1 2026, making China its top energy customer.
The stalled Power of Siberia 2 pipeline, a 2,600-km gas project, lacks agreed pricing and financing.

Left

Xi Warns Oil

Xi warned that renewed fighting in the Middle East could jeopardize China’s oil imports and global trade.
President Xi Jinping and President Vladimir Putin declared a strategic partnership at its highest historical level in Beijing.
China positioned itself as a neutral mediator, denouncing U.S. unilateral hegemony.
Xi said early peace would protect the Strait of Hormuz, delivering 40% of China’s oil.

History

Historical Context

On July 16, 2001, China and Russia signed the Treaty of Good-Neighbourliness and Friendly Cooperation, cementing a 20-year strategic partnership. The pact pledged joint investments exceeding $400 billion, and by 2005 Moscow delivered 30 million tonnes of oil to Beijing annually. Today, President Vladimir Putin’s visit to Beijing and the 35% surge in Russian oil shipments echo the treaty’s energy-focused ambitions, while the stalled Power of Siberia 2 pipeline mirrors earlier financing disputes. The historical precedent suggests that deepening Sino-Russian ties will reshape global energy routes, pressuring the Strait of Hormuz and challenging U.S. market dominance.

1 of 3

Putin Bolsters Alliance

The summit produced over 40 new cooperation agreements covering trade, technology and media exchanges.
Russian President Vladimir Putin arrived in Beijing for talks with Chinese President Xi Jinping, declaring partnership at the highest level.
Russia’s oil exports to China rose 35% in Q1 2026, making China its top energy customer.
The stalled Power of Siberia 2 pipeline, a 2,600-km gas project, lacks agreed pricing and financing.

1 / 3