The evolving Sino-Russian relationship to a declared strategic partnership from the mid1990s until today is one of the most important strategic developments in the Asia-Pacific region. But despite an increasing strategic convergence between both sides in their foreign policy agendas, the pro-western foreign and security policies of the new Russian president Vladimir Putin have also complicated the bilateral Sino-Russian relationship already before September 11, 2001. While the Sino-Russian relationship is still guided by co-operation and common strategic interests in specific economic and foreign policy fields of both sides, it is also characterized by still existing mistrust as well as strategic rivalry. Meanwhile, Putins modified foreign policy has grown more cautious vis-à-vis China and, at the same time, has become more active in Central Asia, on the Korean peninsula, towards the United States and Europe in order to counterbalance the strategic trends of changing balances of regional forces to a perceived disadvantage of Moscow during the last years. In a broader context, however, the triangular relationship between these two great powers and the United States should no longer been exclusively seen through the prism of zero-sum games. A stable bilateral relationship between Moscow and Beijing that significantly contributes to both regional and global stability is also in the strategic interest of Washington and Europe.