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Three key takeaways from Putin's Beijing trip — and what they reveal about China-Russia ties

CNBC · May 21, 2026, 5:34 AM · Also reported by 1 other source

Key takeaways

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  • While Chinese President Xi Jinping stated that energy cooperation should be the "ballast stone" in China-Russia relations, he made no mention of the pipeline.
  • Beijing may be "playing hardball at a time when Russia has lost some leverage with the European Union shutting off certain gas flows from Moscow," Morris said.

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Russian President Vladimir Putin left Beijing Wednesday with declarations of enduring friendship with China and a stack of bilateral agreements — but without the energy pipeline breakthrough Moscow was eyeing, signaling the evolving geometry of a partnership that is increasingly tilting in Beijing's favor.

The two leaders failed to reach a breakthrough on the Power of Siberia 2 pipeline that Moscow had flagged would be "discussed in great detail," as Russia's gas exports to Europe have substantially shrunk following its invasion of Ukraine in 2022.

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