Beijing has been a crucial economic partner for Moscow in the face of intensifying Western sanctions Chinese President Xi Jinping arrived
Beijing has been a crucial economic partner for Moscow in the face of intensifying Western sanctions
Chinese President Xi Jinping arrived in Moscow on Monday for a three-day official visit to discuss strategic cooperation and other issues with his Russian counterpart Vladimir Putin. RT looks at the state of economic relations between the two nations in the face of growing outside pressure, and what it means for Russia.
Record trade
Official statistics show that Russia was the leader among China’s 20 largest partners in terms of trade growth in 2022. China’s trade with Russia hit a record high last year, growing by nearly a third despite Western sanctions against Moscow. It has continued to rise this year, with both exports and imports jumping by double digits in the first two months of 2023 in annual terms, customs data shows. According to Russian President Vladimir Putin, the $200 billion turnover goal set by Moscow and Beijing for 2024 could be achieved earlier than expected. The two countries are on pace to reach that milestone this year.
Energy cooperation
Bilateral cooperation in the oil and gas sectors has been growing dramatically. Russia has become one of the leading oil suppliers to China and the largest supplier of natural gas to the country. In February, Moscow and Beijing sealed an agreement for additional natural gas supplies to China via the Far Eastern Route. While China’s economy gets an adrenaline boost from cheaper Russian energy, Moscow makes up for lost revenue on the European market, which is critical for withstanding Western sanctions.
