While China may initially have planned to help Moscow offset the effect of Western sanctions, Beijing has now shifted gears after seeing its devastating impact on Russia’s economy, according to China analyst Antonio Graceffo.
Less than three weeks before Russia’s invasion, Chinese leader Xi Jinping and Russian President Vladimir Putin met in Beijing during which they announced a “no limits” partnership as well as oil and gas deals worth more than $117 billion. They also set a goal to boost bilateral trade to $250 billion by 2024.
