With a turn to the East in 2022, China has become Russia’s largest economic partner – the volume of trade with the Asian country in January-April 2024 increased by 4.7% in annual terms and reached $76.58 billion. For the whole of last year, the trade turnover between the two countries was a record – $240.11 billion.
There are many obstacles to the development of financial cooperation between Russia and China due to the ever-increasing pressure of sanctions: Chinese banks, even small ones, are suspending interaction with Russian partners for fear of secondary sanctions. This is not surprising – despite the growing trade turnover between China and Russia, the US and the EU remain the country’s most important trading partners, despite all the tensions in their relations.
Andrei Gusev, Managing partner at Nordic Star Law Offices, in an article for Vedomosti assessed the prospects for financial cooperation between Russia and China.
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