The growing cooperation between China and Russia post-2022 has not only seen a quantitative increase in trade volumes, but also a qualitative shift towards a more sophisticated partnership in new technologies, innovation, and research and development (R&D) in domains such as Artificial Intelligence (AI), quantum computing, green hydrogen energy, etc. This may introduce new strategic, economic and security risks for the European Union (EU) and in particular regarding the EU's policies of de-risking from China and enhancing its global competitiveness. The recent change in the US administration brings further uncertainties that have the potential to undermine transatlantic cooperation. To respond in a timely and appropriate manner to the new geopolitical and economic configuration, the EU must not only adopt a focused strategy on technological sovereignty, cybersecurity and leadership in AI, but also re-evaluate its current approach towards both China and Russia.