As President Joe Biden
threatens sanctions against Moscow over fears of a potential attack on Ukraine, Russian President Vladimir Putin
is seeking to forge a new trade alliance with Chinese President Xi Jinping
in order to insulate both powers from U.S. economic pressure. In their 37th meeting over the course of eight years, Putin and Xi held a virtual summit Wednesday in which both men pledged to further boost the strategic partnership amid heightened tensions with Washington. Following the hour-and-a-half-long talks, Russian presidential aide Yuri Ushakov revealed further details that gave an insight into potentially critical deliberations made by the two heads of state.
Among the more notable comments from Ushakov was that "particular attention was paid to the need to intensify efforts to form an independent financial infrastructure to service trade operations between Russia and China" during the talks between Putin and Xi, according to Russia's RIA Novosti outlet. The goal, he said, was "to create such a structure that could not be influenced by third countries."
The remark followed news that Putin and Xi declared support for one another's efforts to challenge the U.S. in their respective regions.