Putin wants 3 things from Xi as he seeks to deepen Russia-China ties, analyst says

• Russian President Vladimir Putin's meeting with Chinese leader Xi Jinping in China this week is the latest sign of the deepening strategic ties between both sides.   
• Putin will make a two-day state visit to China from Thursday at the invitation of Xi, it was announced on Tuesday. This will be the Russian leader's first overseas trip since Putin kicked off his fifth term in office last week.
• "It's pretty clear that for these last two years, Putin has wanted three things from China," Max Hess, fellow at the Foreign Policy Research Institute told CNBC's "Squawk Box Asia" on Wednesday.

Russian President Vladimir Putin's meeting with Chinese leader Xi Jinping in China this week is the latest sign of deepening strategic ties between both sides.   

Putin will make a two-day state visit to China from Thursday at the invitation of Xi, it was announced on Tuesday. This will be the Russian leader's first overseas trip since Putin kicked off his fifth term in office last week.

It comes amid the Kremlin's growing reliance on China for trade and political backing as it seeks to strengthen its "no limits" partnership with Beijing on various fronts.

"It's pretty clear that for these last two years, Putin has wanted three things from China," Max Hess, fellow at the Foreign Policy Research Institute told CNBC's "Squawk Box Asia" on Wednesday.

He wants a "deal" for the Power of Siberia 2 natural gas pipeline and seeks further Chinese support for the war in Ukraine, especially in terms of hardware, he added. Putin also wants access to Chinese financial markets and to use the "Chinese currency to further Russia's trade," Hess said.

"We've really seen remarkably little progress on all of those things," he added. "So, it's really Putin going