China and Russia have grown increasingly close in recent years, including as trading partners, a relationship that brings both opportunities and risks as Russia reels from tough new sanctions led by the West in response to its invasion of Ukraine.
Total trade between China and Russia jumped 35.9% last year to a record $146.9 billion, according to Chinese customs data, with Russia serving as a major source of oil, gas, coal and agriculture commodities, running a trade surplus with China.
About 40% of supplies flow via the 4,070-km East Siberia Pacific Ocean pipeline that was financed by $50 billion in Chinese loans. Russia aims to build a second gas pipeline, Power of Siberia 2, with capacity for 50 bcm a year to run via Mongolia to China.Last month, Putin unveiled new Russian oil and gas deals with China worth an estimated $117.5 billion.In 2019, China allowed the import of soybeans from all regions of Russia, and the two countries signed a deal to deepen cooperation in soybean supply chains, which saw more Chinese firms growing the beans in Russia.
Other food exports from Russia to China include fish, sunflower oil, rapeseed oil, poultry, wheat flour and chocolate. Russia is by far Beijing's largest recipient of state sector financing, securing 107 loans and export credits worth $125 billion from Chinese state institutions between 2000 and 2017, data from the College of William and Mary's AidData research lab showed.
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