Russia and China are expected to reach a record level of trade amounting to $200 billion in 2023, according to Russian Prime Minister Mikhail Mishustin.
Facing significant Western sanctions and isolation, Russia has found economic support from China, which has pledged unwavering friendship and provided an economic lifeline.
In 2022, bilateral trade between the two countries increased by almost 30% to a record $190 billion, largely driven by Chinese purchases of Russian energy.
This year, trade continued to surge, with a 41% increase in the first four months alone.
“I believe that this year we will be able to achieve the goals set by the two countries’ leaders and bring the total trade to $200 billion,” Mishustin said during a speech at the China-Russia business forum in Shanghai on Tuesday.
Prime Minister Mishustin expressed confidence in achieving the $200 billion trade goal ahead of schedule, emphasizing energy cooperation as Russia’s top priority.
The increased trade will also involve China purchasing more agricultural products from Russia, as well as Chinese companies expanding local car production in Russia.
Financial cooperation between the two countries will also be strengthened, with Russia’s central bank accumulating yuan and facilitating trade transactions in yuan and rubles for over 70% of bilateral trade, according to Andrey Kostin, CEO of Russia’s state bank VTB.
Source-CNN
