This article examines the Chinese perception of Russian foreign policy during the Putin administration by analysing Beijing’s assessment of Russia’s foreign policy objectives and its policy towards the U.S., as reflected in the official media and the authoritative publications of China’s major security and foreign policy think tanks. Promoting multipolarity and checks and balances against U.S. unilateralism has been a very significant consideration on the part of the Chinese leadership. Using the concept of the “strategic triangle”, the article demonstrates how changes in U.S.-Russian relations have probably become the most important variable in this push for multipolarity. In the past decade and a half, Sino-Russian relations have improved when Russia has become disappointed with the support it received from the U.S. There have also been periods of time when Russia has anticipated closer relations with the U.S. and thus neglected China’s vital interests. The Chinese leadership, however, has exercised restraint at such times. There has been greater optimism in Beijing concerning Sino-Russian relations in recent years because of the expanding economic ties, Russia’s increasing oil wealth and Putin’s authoritarian orientation.