Russia-China relations were on full show this week as China's President Xi visited Moscow and the two counties announced a raft of measures to increase ties over the coming years. China has helped Russia's economy to adapt to Western sanctions so far, but this still feels very much like a one-sided relationship (in China's favour) and we think there are limits on how much Russia can rely on China in the coming years. Elsewhere, the $15.6bn staff-level IMF agreement secured by Ukraine this week should help to unlock more international funding and will meet Ukraine's large external financing needs as the war drags on.
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