What We're Watching
Putin visits his pal in Beijing
FILE PHOTO: Russian President Vladimir Putin and Chinese President Xi Jinping walk during a meeting at the Kremlin in Moscow, Russia March 21, 2023.
Sputnik/Grigory Sysoyev/Kremlin via REUTERS
The message is clear: Russia and China stand together, and recent pressure on Beijing to rethink the partnership hasn’t worked. Not that anyone believed US and EU requests to limit the export of goods Russia might use in Ukraine went anywhere but the circular file.
Peek under the hood of the Putin-Xi partnership, however, and you’ll see the gears could use some grease. For instance, Putin would like Xi to commit to the Power of Siberia 2 gas pipeline, which would help him deal with Western sanctions. Xi has historically been less enthusiastic about the project (he’s already getting Russian gas at a steep discount, after all).
There’s also North Korea, which has grown considerably closer to Moscow after the invasion of Ukraine. China isn’t thrilled to see Russia butting in on what it considers its sphere of influence but has taken a soft approach thus far. In January, Putin accepted an invitation from Supreme Leader Kim Jong Un to visit, and we’re watching for a stop in Pyongyang, which would likely tweak Xi. Even if it doesn’t happen this time around, Eurasia Group analyst Jeremy Chan says “it's highly likely that Putin will visit North Korea by the end of 2024.”
On the GZERO World Podcast, Ian Bremmer sits down with Harvard economist and former IMF Deputy Managing Director Gita Gopinath to unpack how the conflict is rippling through the global economy. As oil and gas prices surge, inflation is climbing, adding new costs for households and businesses and putting pressure on growth worldwide.
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The revenue generated by Russia’s main oil tax in April amid the Iran war, per Reuters calculations. The amount is double last month’s revenue, and up by 10% from this time last year.
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