Ukraine crisis looms large as China-Russia trade tops record $140bn
MOSCOW -- Trade between China and Russia is reaching new highs as friction with the West brings the countries closer.
Turnover between China and Russia reached a record $146.88 billion in 2021, up 35.8% from the previous year, according to recent data from China's General Administration of Customs. Although Moscow had yet to release its own final estimate as of publication, its trade representative to China, Alexey Dakhnovsky, told the state RIA-Novosti news agency earlier this month that the figure was indeed expected to have exceeded $140 billion.
Next month, Russian President Vladimir Putin is set to attend the opening ceremony of the Winter Olympics in Beijing and meet with Chinese President Xi Jinping. The leaders are expected to sign a number of high-profile political and economic deals, potentially including a final contract for the Power of Siberia-2 natural gas pipeline.
Analysts say the standoff between Russia and the West over Ukraine, which could bring new sanctions against Moscow, is likely to tighten the Kremlin's bond with Beijing even more.
Artyom Lukin, a professor of international relations at Russia's Far Eastern Federal University, told Nikkei Asia that Russian officials were likely consulting with Chinese counterparts about how to mitigate the potential impact of new Western penalties. The Kremlin's current assertiveness, he argued, indicates that Moscow has some confidence it can rely on Beijing for support.
"I think Putin likely received some guarantees from Xi that if a crisis erupts over Ukraine and the West imposes major sanctions against Russia, then China will stand shoulder to shoulder with Russia," Lukin said.
https://asia.nikkei.com/Politics/International-relations/Ukraine-crisis-looms-large-as-China-Russia-trade-tops-record-140bn
