Russia backs Chinese peace plan for Ukraine

MOSCOW

Russian President Vladimir Putin said Tuesday that proposals by China could be utilized as the basis for the peaceful settlement of the Ukraine war.

Many provisions correspond to Russia's vision and may serve as a draft when the West and Kyiv are ready for peace, Putin said at a news conference following a meeting with Chinese President Xi Jinping in Moscow.

"We considered the situation in Ukraine. We believe that many of the provisions of the peace plan put forward by China are in tune with Russian approaches and can be taken as a basis for a peaceful settlement when the West and Kyiv are ready for it. However, so far, we have not observed such readiness on their part," he stressed.

Putin added that while he was holding talks with Xi, news emerged that the UK has announced that it plans to supply armor piercing rounds containing depleted uranium to Ukraine.

"If this happens, Russia will have to respond accordingly, given that the collective West is already beginning to use weapons with a nuclear component," he warned.

Turning to economic cooperation, Putin said Russia and China have been expanding payments in national currencies and plan to further promote this practice.

"In mutual trade, we've been more actively using payments in national currencies. This practice should be further encouraged, and the mutual presence of financial and banking structures in the markets of our countries should be expanded," he said.

According to Putin, despite sanctions, Russian-Chinese trade turnover reached a record $185 billion and two thirds of it was paid in rubles and yuan.

"We are for using Chinese yuan in payments between the Russian Federation and countries of Asia, Africa, Latin America," he said.

Putin noted that the two leaders plan to sign two joint statements -- about deepening Russian-Chinese ties and a plan about the development of the key directions of Russian-Chinese economic cooperation until 2030.

"These two documents will set guidelines for the future, form long-term goals for the implementation of national development tasks," he said.

The implementation of the plan, which includes 82 investment projects worth almost $165 billion, will be considered by a special mechanism established by the two countries -- a meeting of the heads of cabinets, he said.

Putin called Russia "a strategic supplier" of oil and gas, including liquefied natural gas (LNG), coal and electricity to China, adding that by 2030, the total amount of gas supplies will be “at least” 98 billion cubic meters, plus 100 million tons of LNG.

The two sides also agreed on annual deliveries from Russia to China via Mongolia of 50 billion cubic meters of gas via the Power of Siberia 2 pipeline, he said.

For his part, Xi said Russia and China are constantly expanding areas of cooperation.

"The scope of our cooperation is constantly expanding. Previously, we have achieved notable results, and the further development of cooperation is being successfully implemented," he said.

He spoke in favor of strengthening coordination and interaction between the two countries "to get additional benefits from practical cooperation."

"Mr. President, I am ready to outline together with you a plan for the development of bilateral relations and practical cooperation in the interests of prosperity and revival of China and Russia," the Chinese leader said.

Xi is on a three-day state visit to Russia. On the first day, he held an informal meeting with Putin, and earlier today, he met with Prime Minister Mikhail Mishustin.