Trade between Russia and China is expected to hit a new record level of $200 billion this year, according to Russian Prime Minister Mikhail Mishustin during his trip to China, as Moscow faces growing isolation from the West.
Russia has been hit by unprecedented Western sanctions since it unleashed a devastating war against Ukraine and has been shut out of much of the global economy.
But China, which has declared “no limits” to its friendship with its northern neighbour, has thrown the Kremlin an economic lifeline, tempering the impact of its banishment from the global financial system.
Last year, bilateral trade jumped nearly 30% to a record $190 billion, mainly boosted by China buying Russian energy. This year, their trade continued to surge, up 41% in the first four months, according to Chinese customs figures.
“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, according to China’s state-run Global Times.
That will be one year ahead of the schedule set by Russian President Vladimir Putin and Chinese leader Xi Jinping in 2019.
Energy cooperation with China remains Russia’s “absolute priority,” Mishustin said.
On Wednesday, China’s Premier Li Qiang met with Mishustin in Beijing and said the country was willing to work with Russia to promote their pragmatic cooperation in various fields and take it to a “new level,”
