Russian President Vladimir Putin landed in Beijing on May 19 for a two-day summit with Chinese President Xi Jinping. The summit runs through May 20 and coincides with the 25th anniversary of the Treaty of Good-Neighborliness and Friendly Cooperation, the foundational agreement governing relations between Moscow and Beijing. Both leaders have publicly referred to each other as “friends” and framed their partnership as a stabilizing force in global affairs.
Oil, trade, and the sanctions backdrop
Russia’s oil exports to China surged 35% in early 2026, cementing China’s position as Russia’s top trading partner, a status it has held since Western nations imposed sweeping sanctions following the Ukraine invasion.
Both governments have made it abundantly clear they’d prefer that settlement happen outside the traditional dollar-denominated system. Both nations are actively developing central bank digital currencies, and the prospect of interoperability between the two has moved from theoretical to operational priority.
CBDC interoperability: what it actually means
