The Daily Populous Thursday May 21st, 2026 morning edition
Authored by fortune.com and submitted by fortune

Chinese leader Xi Jinping and Russian President Vladimir Putin hailed their strategic ties and growing energy trade as they met in Beijing Wednesday only days after a visit by U.S. President Donald Trump to China.

Putin and Xi oversaw the signing of more than 40 cooperation agreements in areas such as trade, technology and media exchanges. They stressed their growing trade, particularly in oil and natural gas, and declared themselves aligned on international relations.

The countries’ ties have reached “the highest level in history,” Xi said after the signing ceremony, speaking to members of the delegations and journalists. The two sides also agreed to extend a friendship treaty first signed in 2001.

Putin told those in the room that “the driving force behind economic cooperation is Russian-Chinese collaboration in the energy sector.”

“Amid the crisis in the Middle East, Russia continues to maintain its role as a reliable supplier of resources, while China remains a responsible consumer of these resources,” Putin added, an apparent reference to the U.S. war in Iran.

Xi stressed the need for a “complete cessation of hostilities” in the Middle East, according to Chinese state media.

“An early end to the conflict will help reduce disruptions to energy supply stability, the smooth flow of industrial and supply chains, and international trade order,” Xi said.

China became Russia’s top trading partner after Moscow’s full-scale invasion of Ukraine in 2022. Beijing has said it is neutral in the conflict while maintaining trade ties with the Kremlin despite economic and financial sanctions by the U.S. and Europe.

China is also the top customer for Russian oil and gas supplies, and Moscow expects the war in Iran to increase the demand. There was no visible progress, however, on the prospective Power of Siberia 2 natural gas pipeline that Russia has pushed to boost exports to China.

A Russian presidential aide said earlier that Russia’s oil exports to China grew by 35% in the first quarter of 2026 and that Russia is one of the biggest exporters of natural gas to China.

Bilateral trade between the two countries reached around $228 billion in 2025, according to Xinhua news agency.

Xi said trade in areas like energy served as “stabilizing pillars” of the relationship and pledged to accelerate cooperation in other areas, like artificial intelligence, the digital economy and technological innovation.

Xi and Putin show a united front on international affairs

The trip comes just days after Trump’s own visit to Beijing -– in a sequence that is meant to cement China’s image as an influential superpower, experts say.

“The message is clearly one that China maintains friendship and strategic partnership with whichever power it likes, and the USA is just one of them,” said Steve Tsang, director of the SOAS China Institute at the University of London.

Putin also described China and Russia’s cooperation in foreign policy as “one of the key stabilizing factors on the international stage.”

“In the current tense situation on the international stage, our close cooperation is particularly in demand,” he said.

Xi also repeated criticisms of “unilateralism and hegemonism,” in what appeared to be a veiled reference to U.S. actions. He said “the world faces the danger of reverting to the law of the jungle.”

In February 2022, just weeks before Russia’s invasion of Ukraine, China and Russia announced a “no limits” partnership during a trip by Putin to Beijing.

Beijing says it is neutral in the conflict, though in practice it supports Moscow through frequent state visits, growing trade and joint military drills. China has also ignored demands from the West to stop providing high-tech components for Russia’s weapons industries.

Putin invited Xi to visit Russia in 2027 and said he would take part in the Asia-Pacific Economic Cooperation summit in November in southern China.

Xi and Putin praise each other as ‘friends’

Both Putin and Xi continued to praise their close personal ties.

“My dear friend,” Putin said as he greeted Xi. “We are truly delighted to see you. We keep in constant touch, both personally and through our aides in the government.”

Xi also addressed Putin as “my longtime friend” at the start of their talks and said it was important to build upon “the foundation of mutual trust” between the countries. The two leaders have praised each other profusely in the past, with Xi at one point describing Putin as his “best and most intimate friend.”

Putin and Xi both need to use their close ties in order to prop up their images at home, said Willy Lam, a senior China fellow at the Jamestown Foundation.

Putin “needs to tell his countrymen and the world that Russia has China’s support in terms of buying its oil and gas and other tangible and intangible financial support,” Lam said.

Meanwhile, for Xi, having both Trump and Putin visit in such close succession is a major source of credit with the country’s top Communist leadership.

anadem on May 20th, 2026 at 18:40 UTC »

Besides boosting the use and convenience of Russia as a supplier to China, it's an unsubtle (clear to anyone but the target) insult to and repudiation of Trump.

Easy_Welcome_9142 on May 20th, 2026 at 17:45 UTC »

Cheap energy and oil buys A LOT of political favors. Russia has exactly what China doesn’t and China can extend enough of a lifeline to keep Russia from becoming a failed state. Everything else is just optics.

fortune on May 20th, 2026 at 17:32 UTC »

Chinese leader Xi Jinping and Russian President Vladimir Putin hailed their strategic ties and growing energy trade as they met in Beijing Wednesday only days after a visit by U.S. President Donald Trump to China.

Putin and Xi oversaw the signing of more than 40 cooperation agreements in areas such as trade, technology and media exchanges. They stressed their growing trade, particularly in oil and natural gas, and declared themselves aligned on international relations.

The countries’ ties have reached “the highest level in history,” Xi said after the signing ceremony, speaking to members of the delegations and journalists. The two sides also agreed to extend a friendship treaty first signed in 2001.

Putin told those in the room that “the driving force behind economic cooperation is Russian-Chinese collaboration in the energy sector."

Read more [paywall removed for Redditors]: https://fortune.com/2026/05/20/days-after-trump-flies-out-of-beijing-xi-and-putin-hail-the-best-friendship-in-their-history/?utm_source=reddit/