China and Russia seek closer economic ties to counter US pressure as Xi Jinping prepares to meet Vladimir Putin

The two leaders are expected to meet in Moscow on Wednesday, a day before the start of the St Petersburg Economic International Forum

In the midst of mutual tensions with the US, trade between the two countries last year rose 24.5 per cent largely due to greater Russian energy exports to China

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Chinese President Xi Jinping and Russian President Vladimir Putin will meet in Moscow on Wednesday. Photo: AFP

Published: 2:07pm, 5 Jun 2019Updated: 11:19pm, 10 Dec 2019

The deepening of the economic alliance between Russia and China will be high on the agenda as President Xi Jinping meets Russian President Vladimir Putin in Moscow on Wednesday amid their mutual estranged relations with the United States.

Xi and Putin are both then due to attend the annual St Petersburg Economic International Forum, Russia’s flagship international investor forum that expects more than 1,000 representatives from China, starting on Thursday.

The US, however, is expected to miss the event after its former envoy to China and current ambassador to Russia, Jon Huntsman, said he would not attend to protest Moscow’s prosecution of Baring Vostok private equity group founder Michael Calvey. The American investor has been accused by Russian authorities of embezzling 2.5 billion roubles (US$38 million) from the Vostochny Bank.

Calvey, who denies the charges, has asked prosecutors to be allowed to attend the forum having been released to a restrictive form of house arrest in April after spending two months in pre-trial detention.

Baring Vostok private equity group founder Michael Calvey. Photo: Reuters

In the midst of its trade war with the US, China has been working to strengthen its ties with Russia in multiple spheres.

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