2024-08-07 19:51:17
China’s imports from Russia returned to growth in July after two months of decline, customs data cited by Reuters showed. The growth comes despite US sanctions against banks and other financial institutions, complicating bilateral trade payments.
According to a digital platform cited by the agency, the growth in the use of digital assets in cross-border payments between Russia and China provides an opportunity to circumvent the restrictions.
Russia’s yuan-denominated imports rose 4.5 percent year-on-year, reversing a decline from 6.7 percent in July and 2.2 percent in May.
However, China’s exports to Russia fell 3.7 percent in July after rising 4.8 percent in June.
Western sanctions ban exports to Russia of dual-use goods that could be used in the war against Ukraine, but Beijing’s willingness to do business with Moscow gives the Kremlin a breath of fresh air, Reuters said.
The two countries are working towards closer economic cooperation, especially in the energy sector, and last month Chinese Vice Premier Ding Xuesian said that the share of energy in bilateral trade had reached 38.5 percent.
At a meeting of the Russian-Chinese Economic and Trade Cooperation Subcommittee held last month in Moscow, Chinese Vice Minister of Commerce Lin Ji told his Russian counterpart that the two countries should expand trade in goods and services, keep chains open of supplies and to strengthen their ties, writes BTA.
Bilateral trade for the first seven months of the year rose 3.8 percent year-on-year to 970.9 billion yuan ($135.1 billion).