Indo-Pacific — 2026-05-23

Putin and Xi Sign 40 Bilateral Agreements in Beijing as Russia and China Deepen Strategic Ties After Limited Trump-Xi Summit

BLUFDespite 40 signed agreements, Moscow has almost no chance of securing a binding Power of Siberia 2 deal before year's end, leaving Beijing free to extract deeper concessions from an increasingly dependent Russia.

Putin concluded a state visit to Beijing on May 21, signing over 40 bilateral agreements with Xi on trade, education, technology, nuclear security, and military cooperation, including expanded joint exercises and air and maritime patrols 12. The two sides failed to reach a deal on the Power of Siberia 2 pipeline, with Russian Press Secretary Peskov telling RIA Novosti that "some nuances remain to be ironed out" and no timeframe given, CNBC reported 2. Xi made no public mention of the pipeline in his remarks despite calling energy cooperation the "ballast stone" of bilateral relations 2. The summit followed Trump's own Beijing visit earlier in the week, from which China's commerce ministry described proposals on tariffs, aircraft purchases, and agricultural trade as "preliminary" with no binding commitments or timelines, according to IBT citing Reuters 1.

Analysis
China's silence on Power of Siberia 2 confirms Russia stood almost no chance of securing a binding commercial agreement before December 31, 2025. High confidence rests on three convergent signals: Peskov's acknowledgment that "nuances remain," Xi's deliberate omission of the pipeline despite calling energy the "ballast stone" of bilateral relations, and named expert commentary. CNBC and IBT both draw primarily from official statements with no independent access to negotiating deliberations. Russia cannot redirect gas supply without Chinese offtake. Beijing faces no reciprocal pricing or financing pressure. The "ballast stone" framing may instead signal genuine intent to finalize once internal pricing disputes resolve rather than a deliberate strategy to extract maximum concessions. European LNG investment assumptions and sanctions leverage against Russia hinge on whether that eastern outlet materializes.

2 sources

China and Russia Move Toward 40 Agreements After Trump-Xi Summit Produced Limited Commitments - International Business Times UK
Three key takeaways from Putin's Beijing trip — and what they reveal about China-Russia ties - CNBC