0700GMT//Russian disappointment over talks with China for gas pipeline; Xi and Putin discuss living to 150; Gref sees Russian interest rates at 14%

PUTIN WRAPS UP 'SUCCESSFUL' CHINA TRIP: Vladimir Putin once again invited Volodymyr Zelensky to Moscow for talks during a 50-minute press conference in Beijing. Putin was essentially asking the Ukrainian president to present himself at his court to surrender. The offer has been ignored by Ukraine. (COMMENT: The press conference gave Putin one more chance to posture on the world stage at the end of his four-day trip to China. It has been a good trip for Putin, giving him the chance to pose with world leaders in a global spotlight – just the sort of thing he enjoys. It hasn't all gone his way, though. The biggest disappointment was only getting a "legally binding" memorandum of understanding for the construction of the Power of Siberia 2 gas pipeline to China. Putin wanted to sign hard contracts. The Kremlin needs this pipeline to sell more gas to its biggest ally, but there are still wranglings over how to pay for the construction of the pipeline and the price of the gas.)

TERRIFYING THE WEST: Russian media poked fun at the West for reacting "in horror" at the photos of Putin, Xi Jinping and Kim Jong-un watching a massive military parade together in Beijing on Wednesday. This was the first time that the three leaders had met together in public and the first time since 1959 that the leaders of Russia/Soviet Union, China and North Korea had gathered to watch a military parade. Russian media focused on presenting the trip as a major diplomatic success for Putin rather than dwelling on the photos of Putin, Xi and Kim at the military parade.)

PUTIN AND XI WANT TO LIVE TO 150: As they walked to their seats in a stand overlooking China's military parade, a "hot mic" caught Xi and Putin talking about how organ transplants will keep people alive until they are 150 years old. (COMMENT: The conversation adds to the bizarre tedium of the leaders' stage-managed walk to their seats to watch the military parade. Here were two of the most powerful men in the world holding a fantastical conversation about longevity before watching nuclear-capable missiles trundle through central Beijing. Xi and Putin are both 72 years old. Putin, at least, is obsessed with living a long life.)

INTEREST RATES: Russia's Central Bank will slash interest rates to 14% this year from 18%, German Gref, the chairman of Russia's state-owned Sberbank, has predicted. He also said that Russia needs an interest rate of 12% to avoid a recession. (COMMENT: Gref has been talking up rate cuts for some time. His views are important as he is a former Russian economy minister and is now in charge of one of Russia's biggest banks. Russia's interest rate had been 21% for the first half of the year.)

DODGING SANCTIONS: A7, a Russian cross-border payments company set up by Russian defence sector bank PSB, carried out international settlements in the first half of the year worth 7.5 trillion roubles ($95 billion). PSB deputy chairman Mikhail Dorofeev told the Eastern Economic Forum in Vladivostok that A7 was now the "leader in the payments market". He said that A7 makes up to 2,000 transactions a day with an average transaction of 500,000 roubles ($6,000). (COMMENT: Among other tools, A7 uses a cryptocurrency exchange in Kyrgyzstan to help Russian businesses dodge sanctions and settle foreign deals. A7 was set up in October 2024 and has been sanctioned by the US and the EU. It was accused of funnelling cash to bribed voters in Moldova's presidential election last year.)

EEF OPENS: The annual Eastern Economic Forum in Vladivostok opened on Wednesday, one of the Kremlin's main setpiece business-oriented events. It will run until Friday. Putin is expected to stop over on his way back from China and make a speech at the end of the Forum.