Over the years Russia and China have become political allies. They started with partnerships beginning around 1992. By 1994 they agreed to "maintain regular dialogue and various levels and through various channels". They also agreed that they would resolve the boundary issues in a fair and equitable manner. By 2001 they had developed a Treaty of Friendship and Cooperation. Then, by 2012 they had a strategic partnership signed by president Hu Jintao of China and Russian president Vladimir Putin. Along with this, Russia and China have increased their economic, political, and security relationships.
One of their many agreements from the 2014 Strategic Partnership was the shared supply of oil. They had a 40-year gas supply agreement between Gazprom and China National Petroleum Corporation (CNPC), which are both large companies from each country. Along with this, Russia's largest oil company and CNPC made financial deals to supply oil worth around $500 billion from Russia's largest oil field. Because of this, Russia surpassed Saudi Arabia as China's main supplier of oil. This all took place after the Ukraine crisis.
China and Russia’s military and security cooperation has been increasing official support. A recent example of this is their mutual opposition to the deployment of the U.S. terminal high altitude air defense(THAAD) the missile defense system in South Korea, both warned the possibility of an arms race with the use of THAAD. China and Russia have also been gaining momentum with their joint Military drills, this includes holding their first joint naval drills in the south-china sea. Because both are faced with a more complex international security environment, mutual cooperation has been considered a necessity. Both China and Russia have expressed verbal support for one another.
The New Silk Road is a major topic of interest between Russia and China. Russia has said that they would be interested in investing into the project but have not yet set forward any solid plans. Recently, Russia has said that they would plan to take part in foreign investment in the future and The New Silk Road is one that has been pulling the country closer to China. Russian president Vladimir Putin was among the twenty international leaders that attended a summit on the One Belt, One Road project. This could prove to be a major step toward connecting the Russian and Chinese economies.
There are four reasons why Russia is so interested in OBOR. First, Russia’s economy desires foreign investments and it hopes to get some funds through OBOR. Second, Russia wants to bring new drive to the dying Eurasian Economic Union by connecting it with OBOR. Third, Russia wants to compensate the vanished economic agenda of the SCO (Shanghai Cooperation Organization) with the Chinese-led OBOR. Fourth, Russia wants to make European countries more nervous with the prospects of Russian-Chinese economic cooperation.
From the standpoint of land area, Russia is the largest country in the Asia/Europe continents. Theoretically, China would benefit greatly from partnering with Russia in the One Belt, One Road project. Russia may serve as a connector to southern Asia and the Middle East regions, and high speed rails connected through Russia would greatly increase trade between all Asian/European allies. A partnership between Russia and China would benefit both parties, as Russia could provide China with perishable goods and items, while China supplies Russia with electronic goods and appliances.
A co-operation between these two major superpowers would strengthen not only their economies, but by using middle eastern countries as trade routes and checkpoints, strengthen the smaller, less developed countries as well.
Positives as a result of Russia/China collaboration in New Silk Road:
Increased reliance on each other for trading and goods, drastically reducing the chance of tensions between superpowers, and increasing relations between smaller countries in the Middle East and Europe.
Russia provides China with perishable goods, while China provides Russia with Electronics and Appliances.
This co-operation would fall into China's dream of a global economy, and would lead to positive diplomacy and relations
Help strengthen economies of developing countries through trade and high speed rail.
Negatives as a result of Russia/China collaboration in New Silk Road:
The United States would most likely not be part of initial trade and high speed rail, not only for the fact of being separated by the ocean, but because of the recent inauguration of Donald Trump, who, during his campaign, promised to reduce outsourcing to China and constantly highlighted the "threat" of China's strengthening economy, reducing in tension between the two countries.
Russia currently has an embargo on Western and EU agricultural products. The embargo, introduced in 2014, was originally only for one year, to attempt to increase production withing Russia. However, the embargo has been extended through 2017, with Russia sustaining itself with self-provided goods for the first time. Recently, though, Vladimir Putin said that Moscow may consider lifting certain parts of the ban "when necessary".