Trade relations between China and Russia have strengthened in recent years, reaching historic levels in 2024. With bilateral trade totaling approximately €240 billion, the two powers continue to deepen their economic and strategic partnership despite Western sanctions imposed on Moscow. This collaboration reflects a shared ambition to foster sustainable economic ties while sidestepping the constraints imposed by the United States and the European Union.

In 2024, combined imports and exports between China and Russia increased by 2% compared to 2023. Although this growth is modest compared to the 26.3% surge recorded between 2022 and 2023, it marks a new record for this partnership. Russia’s main exports to China include oil and gas, valued at over $94 billion in 2023, as well as minerals and other raw materials. These energy resources fuel both China’s economy and, indirectly, Russia’s military efforts.

Conversely, China primarily exports technological goods and manufactured products to Russia. This trade dynamic bolsters Russian supply chains while reinforcing China’s economic influence over its neighbor.

The expansion of Sino-Russian trade is accompanied by a gradual dedollarization. Russia now conducts the majority of its trade transactions with China in yuan. This choice, driven by Western sanctions and the desire to reduce dollar dominance, aligns with a broader strategy of economic independence. According to a CEPII report, this approach has also helped stabilize the ruble despite significant economic pressures.

The tightening of Sino-Russian ties is also a response to the isolation imposed on Moscow following the war in Ukraine. China, claiming to maintain a neutral stance, has not condemned the Russian invasion and continues to expand its cooperation with Russia. This partnership enables them to counteract economic sanctions imposed by Western countries and establish an alternative to European and North American markets.

Despite their growth, Sino-Russian trade volumes remain far below those between China and the United States, which amount to nearly €675 billion. However, tensions between Washington and Beijing could give new momentum to the Sino-Russian partnership, especially as the U.S. administration considers additional protectionist measures.

In conclusion, trade relations between China and Russia highlight a geopolitical shift where economic strategy becomes a key lever against sanctions and international tensions. Although fragile, this partnership represents a pivotal step in redefining global economic balances.