IT’S COMPLICATED: Russia’s Plans Are Bigger Than Conflict With the West or Camaraderie With China. “When it comes to Russia’s relationship with China, economic and strategic cooperation has visibly intensified but falls short of a ‘partnership’ or ‘overreliance,’ despite frequent claims in Western media. Indeed, there is an asymmetry in the economic relationships that is forecast to increase. In 2023, China-Russia trade jumped to $250 billion, compared to a meager $147 billion in 2021. But there is a lot of noise coming in the other direction too, which signals Putin’s long term game plan to derisk from China. Russian businesses have been quick to voice their concerns over Moscow’s increasing economic ties with China, and remain distrustful of China’s intentions.”