A "new paradigm" was at play, said DoubleLine's Bill Campbell, such as tensions around Taiwan and in the South China Sea as potential flashpoints with the West.

The two countries could enhance cooperation through mechanisms such as the Group of 20, an intergovernmental forum comprising 19 countries and the European Union

The official said that recent measures taken against five Chinese companies for helping Russia's military were aimed at the individual entities

The company, majority owned by an arm of Shenzhen's municipal government, has signed a deal with a Uzbekistan company to export its phones to Russia

China's Embassy in Washington said it has not provided assistance to either party in the war, and it opposed the addition of five Chinese firms to the US trade blacklist

A source said the price-per-barrel cap level had not yet been determined, but it would have to be high enough to give Russia an incentive to keep producing oil

China is the second-largest contributor to Russia's import decline since it invaded Ukraine, says a report by the Peterson Institute for International Economics in Washington.

Reliance Industries’ Jamnagar refinery in Gujarat received 27% of its oil from Russia in May, up from 5% in April, according to a report by the Guardian.

Russia has struggled to make payments on $40 billion of outstanding bonds since its invasion of Ukraine, as sanctions have effectively cut the country off from the global financial system

China and India have been stocking up on Russian oil, but their actions have undermined efforts by the US and Europe to impose sanctions that limit funds to the Kremlin while it wages war in Ukraine

Beijing's imports of liquefied natural gas (LNG) from the US between February and April plummeted 95% from a year ago

Putin said Russia was discussing increasing the presence of Chinese cars on the Russian market as well as the opening of Indian supermarket Chains.