Bilateral trade and strategic ties strengthen between Russia and China

Relations between Russia and China have reached an “unprecedentedly high level,” Russian President Vladimir Putin said on Saturday, highlighting both the economic and strategic dimensions of the partnership.

In an interview with China’s Xinhua news agency, Putin noted that bilateral trade has grown by nearly $100 billion since 2021. “China is undoubtedly Russia’s leading trading partner, while Russia has become China’s fifth-largest foreign partner over the past year,” he said.

He added that although trade is measured in dollars, transactions are now “almost entirely in national currencies,” with the dollar and euro shares falling “to statistical error levels.”

Putin also stressed that Russia remains China’s main supplier of oil and gas. Gas deliveries via the Power of Siberia pipeline have exceeded 100 billion cubic metres since it began operations in 2019. The planned completion of the Far Eastern gas pipeline in 2027 will further strengthen Moscow’s role as a key market for Chinese car exports and energy demands.

Beyond economics, Putin underlined the strategic dimension of the relationship, calling Russia–China cooperation “a key factor in global politics.” He pointed to joint work at the UN and the Group of Friends in Defence of the UN Charter as platforms to strengthen the Global South.

Both nations support reforms to make the UN Security Council more democratic and reflective of current realities, with greater representation from Asia, Africa and Latin America. Putin also noted active cooperation with China within BRICS to enhance Beijing’s influence in the international system.

The Russian president criticised Western sanctions, describing them as discriminatory, and called for reforms to the IMF and World Bank. He outlined a shared vision with China for a “fair, open and resilient new financial system” free from neocolonial purposes.

Putin’s four-day visit to China will begin on Sunday at the invitation of President Xi Jinping. He will first attend the Shanghai Cooperation Organisation summit in Tianjin, then travel to Beijing to take part in events marking the 80th anniversary of the victory over militarist Japan and the end of the Second World War, where he will be a guest of honour.

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