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“No limits partnership.” Chinese President Xi Jinping and Russian President Vladimir Putin used this phrase in February 2022, striking a celebratory note just weeks before Russia launched its full-scale invasion of Ukraine. More than four years later, the countries’ ties indeed appear to be thriving. Putin’s recent trip to Beijing, his first international visit in 2026, was the latest reminder of this relationship.

But the visit also put on display how asymmetric the Beijing-Moscow relationship has grown. With Russia entangled in an unwinnable war and burdened by a stagnating economy, China is deciding what partnership looks like and what “no limits” actually means. It is Xi, not Putin, driving the proverbial bus.

“No limits partnership.” Chinese President Xi Jinping and Russian President Vladimir Putin used this phrase in February 2022, striking a celebratory note just weeks before Russia launched its full-scale invasion of Ukraine. More than four years later, the countries’ ties indeed appear to be thriving. Putin’s recent trip to Beijing, his first international visit in 2026, was the latest reminder of this relationship.

But the visit also put on display how asymmetric the Beijing-Moscow relationship has grown. With Russia entangled in an unwinnable war and burdened by a stagnating economy, China is deciding what partnership looks like and what “no limits” actually means. It is Xi, not Putin, driving the proverbial bus.

The big picture is clear. Both China and Russia have long had a problem with U.S. primacy and are joining forces to counterbalance it. They see the West as declining and a more multipolar world emerging, with U.S. President Donald Trump—to use a Leninist term— serving as the midwife of history.

This alignment of views translates into policy. Since 2022, Beijing has thrown a lifeline to the Russian economy, providing a market for hydrocarbons and supplying critical goods, such as machinery, and dual-use products,........

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