June 17, 2022

With the 25th St. Petersburg International Economic Forum (SPIEF), hailed as the "Russian Davos", beginning on Wednesday, Russia-China cooperation under the theme "New opportunities in a new world" came under the spotlight, as the Kremlin's interests appeared to shift toward the East in the face of mounting Western sanctions and pressure. 

As a partner of Kremlin with no limits, Beijing could see its investment "filling the vacancy" when Western businesses withdrew from the Russian market due to political tensions, and more pragmatic talks on boosting trade, facilitating logistics and advancing settlement in local currencies are expected at the forum, also the upcoming BRICS summit. 

The US-led hegemony underscored by more unilateral sanctions in pushing for a new Cold War and dividing the world's economy not only prompted Russia to "seek a way out" but also deeply hurt globalization, making more developing countries realize the importance of using multilateral organizations such as BRICS and the Eurasian Economic Union (EAEU) to enhance regional cooperation, representing an opportunity for regional growth and evolution of the world order, officials and experts said. 

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https://www.globaltimes.cn/page/202206/1268350.shtml