Russia and China Deepen Strategic Partnership with New Agreements

On Thursday, Russian President Vladimir Putin and Chinese President Xi Jinping signed a statement in Moscow to deepen the comprehensive strategic partnership between their countries. Putin emphasized that Russia-China relations are self-sustaining and that both nations will increase the use of their national currencies in mutual settlements. VEB, Russia's state development bank, plans to allocate approximately 3.5 trillion roubles ($42.74 billion) for joint projects with Chinese businesses. The funding will target projects in the gas, metallurgy, timber processing, and shipbuilding industries. Putin welcomed the transfer of Chinese industrial expertise to Russia and pledged to create favorable conditions for Chinese companies operating in the country.