In a recent meeting between Chinese leader Xi Jinping and Russian President Vladimir Putin, the two leaders highlighted the strong economic ties between their countries amidst international sanctions imposed on Russia due to its actions in Ukraine. President Putin praised China as Russia's main trading partner, emphasizing the extensive practical cooperation between the two nations in areas such as energy, industry, and agriculture.
During his state visit to Beijing, Putin expressed the importance of the longstanding partnership with China, while Xi Jinping reiterated China's commitment to being a good neighbor, friend, and partner to Russia. Both leaders emphasized the significance of maintaining a lasting friendship between their peoples and promoting fairness and justice on the global stage.
The ongoing conflict in Ukraine has brought China and Russia closer economically, with trade between the two countries reaching record levels. Russia has increased its imports of key commodities from China, while Chinese buyers have taken advantage of discounted Russian fuel.
International sanctions imposed by the European Union, the United States, and other nations have led to a shift in Russia's trade partnerships. These sanctions have targeted Russian entities and restricted the flow of goods to and from the country, particularly affecting key exports like fuel and access to military-related technologies.
As a result, China has emerged as a crucial economic partner for Russia, providing a lifeline for its economy. Bilateral trade between Russia and China reached $240 billion last year, surpassing the target of $200 billion in two-way trade by 2024 ahead of schedule. This achievement has been commended by both President Putin and President Xi Jinping, underscoring the growing economic cooperation between the two nations.
