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(Bloomberg, May 9, 2014) Russian President Vladimir Putin plans to open the door to Chinese money as U.S. and European sanctions over Ukraine threaten to tip the economy into recession, according to two senior government officials.

The move would roll back informal limits on Chinese investment as Russia seeks to stimulate growth, said the officials, who have direct knowledge of talks and asked not to be identified as the information isn’t public. The government wants to lure cash from the world’s second-biggest economy into industries from housing and infrastructure construction to natural resources, they said.

Russia is likely to restrict China’s investments in high-technology projects, the people said. The government will also look at how to bar large settlements of Chinese citizens on its territory to avoid ethnic tensions, they said.

China is Russia’s largest trading partner with $95.6 billion of business in 2012, followed by Germany, according to data compiled by Bloomberg.

Assuming Putin stays in power for the next 10 years, he can start forming a long-term relationship with Xi Jinping who became the President of China in 2012 and, most likely, will serve until 2022.