Chinese Ambassador to Moscow Zhang Hanhui estimates that trade between China and Russia could hit record levels this year.
Lately, there has been steady growth in trade cooperation between the two nations. According to Zhang Hanhui, the bilateral trade turnover will reach another all-time high, standing at the $200 billion goal set by the heads of both states by the end of this year.
Notably, trade between Moscow and Beijing increased by 30% in the first seven months of 2022. At the same time, imports of goods from China rose by only 5.2%, while supplies from Russia to the world's second-biggest economy advanced by almost 50%. China’s Ambassador to Russia believes that such indicators are the product of serious efforts by both parties. Although the economic restrictive measures targeting the Kremlin are impeding Russia-China cooperation, the states have managed to achieve such impressive results, the diplomat stressed.
After Western countries slapped tough sanctions on Russia that made trade with them much more complicated, Russian oil exports to Asian countries, including China, rose dramatically. At the same time, Moscow provided their Eastern partners with steep discounts. For instance, Russian ESPO oil for China was offered at a discount of $10 to $12 per barrel.
