China-Russia Trade Relations and the Limits of Western Sanctions

On May 17, Russian President Vladimir Putin concluded a two-day visit to China for his 43rd meeting with Xi Jinping. Based on public readouts, Putin emphasized the economic benefits that the Sino-Russian partnership could bring to both countries. Economic integration between Russia and China has accelerated dramatically, with total trade between them reaching $240 billion US dollars in 2023. Beijing’s decision to increase trade with Moscow after the February 2022 invasion of Ukraine has kept the Russian economy afloat. Western sanctions have failed to cripple Russia’s economy or its war effort. After the European Union halted the import of Russian oil, China stepped in and has since become Russia’s top energy buyer. Moreover, China has become Russia’s top goods supplier, having surged its sales of machine tools, microelectronics, and other technology that Moscow uses to produce weaponry in its ongoing war with Ukraine. To discuss China’s trade with Russia, host Bonnie Glaser is joined by Yanmei Xie. Yanmei is a Geopolitics Analyst at Gavekal Research, where she analyzes the implications of rising geopolitical and geoeconomic risks on trade, investments, and supply chains. Yanmei recently published a report on China’s economic support for Russia, which was titled “How China Keeps Russia in Business.”

Om Podcasten

China’s rise has captivated and vexed the international community. From defense, technology, and the environment, to trade, academia, and human rights, much of what Beijing does now reverberates across the map. China Global is a new podcast from the German Marshall Fund that decodes Beijing’s global ambitions as they unfold. Every other week, host Bonnie Glaser will be joined by a different international expert for an illuminating discussion on a different aspect of China’s foreign policy, the worldview that drives its actions, the tactics it’s using to achieve its goals—and what that means for the rest of the world.