May 10, 2022Posted bySilk Road Briefing
Surging Trade As Bilateral Relations Grow Closer
China and Russia have grown increasingly close in recent years, including as trading partners, in a relationship that brings both opportunities and risks as Russia reels from tough new sanctions led by the West in response to its invasion of Ukraine. Total trade between China and Russia jumped 35.9% in 2021 last year to a record US$147.9 billion, according to Chinese customs data, with Russia serving as a major source of oil, gas, coal and agriculture commodities, and running a trade surplus with China.
Since sanctions were imposed in 2014 after Russia annexed Ukraine’s Crimea, bilateral trade has expanded by more than 50% and China has become Russia’s biggest export destination The two were aiming to boost total trade to US$200 billion by 2024, but according to a new target unveiled last month during Russian President Vladimir Putin’s visit to Beijing for the Winter Olympics, the two sides want bilateral trade to grow to US$250 billion.
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