Despite Washington's warnings that it might target Chinese companies supporting the war in Ukraine, which may have prompted some hesitation from Beijing, China has remained a key ally in a long-term strategy.
Kimberly Donovan, a former senior official with the US Treasury Department’s Financial Crimes Enforcement Network and director of the Economic Statecraft Initiative within the Atlantic Council's GeoEconomics Centre, explained: "The two countries are trading in Chinese yuan and Russian rubles, allowing them to circumvent Western sanctions because the transactions occur outside of the US dollar, euro, and other G7 sanctions coalition currencies."
Putin seeks to further strengthen Russia's ties with China
Recent actions by Putin, including the appointment of a new defense minister, indicate that the Kremlin is preparing for a prolonged conflict.
Putin's visit to China last week underscored his plans to deepen the relationship between the two nations, outlining how Russia could deliver oil and gas to China via a proposed route through Mongolia.
Putin expressed a desire to advance the Power of Siberia 2, a multibillion-euro pipeline project that has been under discussion for several years.
The events of the past two-and-a-half years have accelerated the need for these connections to develop, and Putin's visit to China highlighted this urgency.
Putin's remarks that "nobody can get in the way of this, neither sanctions on tanker fleets nor even sanctions on financial institutions. We will buy and sell everything in our national currencies" demonstrate his determination to pursue projects that can help shield Russia from long-term sanctions as the war continues with no end in sight.
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