China's trade with Russia: record levels despite growing tensions!

Economic relations between Russia and China show a mixed picture in 2024. How Merkur.de Reportedly, bilateral trade between the two countries grew to 1.74 trillion yuan, equivalent to about 232 billion euros. This represents an increase of 2.9% compared to the previous year.

However, in 2023, trade growth was significantly higher at 32.7%. While Chinese exports to Russia increased by 5.0%, imports from Russia only grew by 1.0%. President Vladimir Putin acknowledged that processing payments between China and Russia is an increasing challenge. This is reinforced by new payment hurdles created by the tightened US sanctions against banks.

Changes in the trading environment

Relations between the two nations are characterized by growing tensions and difficulties. Many Chinese banks have increasingly distanced themselves from Russia. Several ports, including in Shandong province, deny access to the Russian shadow fleet, particularly for oil tankers under US sanctions. In November 2024, the US imposed sanctions on 50 Russian banks, significantly weakening the ruble.

China's dependence on energy imports from Russia remains a central point. Despite the challenges, the US government plans to take tough measures against the Russian energy sector in the future, which could also affect its largest buyers, including India and China. This could have an impact on trade relations between both countries, as well fuw.ch confirmed.