Faced with the threat of further US sanctions over the aggressive posturing of China and Russia, Chinese President Xi Jingping and Russian President Vladimir Putin held a virtual conference in which they sought to “more effectively safeguard the security interests of both parties”.

“A new model of cooperation has been formed between our countries – one based on foundations like non-interference in domestic affairs and respect for each other’s interests,” Putin told reporters.

The New York Times writes that both leaders discussed forming an “independent financial infrastructure” to reduce their reliance on Western banks and their vulnerability to punitive measures from the West.

This follows the US imposition of sanctions on China for its genocidal treatment of Uighur Muslims in the Xinjiang province, which has seen over 1 million people detained, and the threat of US sanctions against Russia if it invades Ukraine.

During the meeting, both parties also discussed the idea of a three-way summit with India. This follows meetings between Putin and India’s Prime Minister Narendra Modi and a historic arms deal between the two countries.

Read more here: India pursue Russian arms deal despite the threat of US sanctions

President Xi is reported to have told Putin, “we firmly support each other on issues concern each other’s core interests and safeguarding the dignity of each country”.

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