In recent years, China has expanded its global ambitions, seeking to position itself as a central pillar of a multipolar order and counterbalancing—above all—the dominance of the West. Against the backdrop of rising tensions with the United States and the West’s waning influence in global institutions, Beijing is building an alternative model of world order, one aimed at broadening its leadership and deepening ties with regimes that challenge Western hegemony.
An illustration of this dynamic is Vladimir Putin’s recent diplomatic activity: his visit to the United States, according to sources, marked the beginning of Russia’s break from international isolation. The red carpet and warm reception in Alaska became symbolic of the Kremlin’s re-emergence on the world stage. This episode fit seamlessly into China’s logic: as a strategic partner, it not only refrains from condemning such moves but actively supports Moscow’s restoration of influence.
As the international order undergoes transformation—with China presenting itself as an alternative center of power and Russia, recently restored to diplomatic legitimacy, consolidating its standing—the latest news about the possible admission of Russian energy companies to China’s bond market and the uptick in Russian LNG supplies looks like a natural extension of this trajectory.
China is considering reopening its domestic bond market to Russian companies. According to sources, Beijing is prepared to allow two or three major energy corporations, including Rosatom, to issue bonds. If implemented, this would mark the first case of Russian corporate capital raising in China since the start of the full-scale war in Ukraine.
Since 2022, Western sanctions have cut off Russia’s access to international financial markets. Until recently, Chinese banks avoided transactions with Russian state companies for fear of secondary sanctions. But as political and economic ties between Moscow and Beijing deepen, that caution is fading. For Russia, the yuan is gradually becoming the main foreign currency, displacing the dollar and the euro from external trade. According to sources, discussions are under way about issuing "panda bonds" through entities not subject to international sanctions.
Energy cooperation is also intensifying. A second Russian tanker under sanctions has docked at the port of Taishan. The LNG carrier *Voskhod* delivered 150,000 cubic meters of liquefied natural gas. At the end of August, the first tanker—the *Arctic Mulan*—arrived at the same port with a cargo of Russian gas. Both vessels carried fuel produced at the Arctic LNG-2 plant, which is under Western sanctions. The project began operating in December 2023, but shipments have fallen behind schedule due to a shortage of ice-class LNG carriers and the restrictions in place.
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The new deliveries coincided with the meeting between Vladimir Putin and Xi Jinping, underscoring the growing coordination between Moscow and Beijing in the energy sector.
The reopening of the bond market and continued purchases of Russian LNG show that China is gradually expanding economic engagement with Russia despite the risks of sanctions. For Moscow, this is not only a way to raise capital but also a confirmation that its external economic anchors are shifting toward Beijing.