Putin highlights booming trade growth with China

Moscow and Beijing have achieved unprecedented levels of economic cooperation this year, the Russian president said

Trade turnover between Russia and China has increased to record volumes this year, despite Western sanctions, and will reach the target of $200 billion by 2024 ahead of expectations, Russian President Vladimir Putin said on Friday, speaking via video link with Chinese leader Xi Jinping.  

Putin added he expects trade between the countries to grow by 25% by the end of the year, noting that over January-November the volumes of agricultural turnover surged by 36% to $6 billion.   

“Despite the unfavorable external situation, illegitimate restrictions and direct blackmail by some Western countries, Russia and China managed to ensure record high growth rates of mutual trade,” he said.

The Russian leader also spoke about bilateral projects in transport infrastructure. In particular, he mentioned the launch of railroad and motorway bridges over the Amur River in the Far East, saying that “for the first time in the history of our relations permanent bridges emerged on the boarder river of Amur.”

READ MORE: Russia boosts gas supplies to China

During the meeting with his Chinese counterpart Putin highlighted the “unprecedented” growth in Russian energy supplies to China and revealed the country’s plans to boost gas pipeline exports next year.  

“Today we are already in second place in terms of pipeline gas supplies to China and in fourth place in terms of imported LNG [liquefied natural gas], 13.8 billion cubic meters had been sent along the East Route as of December 1,” he said, noting that this month Russia has exceeded daily contractual obligations by more than 18%.   

Russia also boosted oil deliveries to China by 17% in November from a year earlier to 7.81 million tons, overtaking Saudi Arabia as the country’s top supplier. Russian crude shipments to China over the first 11 months surged by 10.2% to reach 79.78 million tons, according to Chinese customs data. In terms of value, Russian oil supplies to China over the same period were worth $54.49 billion, up 50% over last year.

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