China's trade with Russia hit a record $190 billion in 2022 as Moscow deepens partnership with Beijing amid withering western sanctions
A Reuters analysis of industry data found that Russian rail exports of liquefied petroleum gas to China more than doubled in 2022, and Russian oil exports rose 10% in the first 11 months of 2022.
That's largely the result of Russia leaning more on China as its trade volume gets battered by Western sanctions. Most recently, the EU banned seaborne imports of Russian oil and joined a G7 price cap of $60 per barrel., according to estimates from a Finland think tank, and losses could extend to $300 million a day in February when the EU bans Russian petroleum products.
But Russia-China trade slowed sharply in December. Chinese exports to Russia were up 8.3% from a year ago, down from November's annual pace of 17.9%. And imports from Russia were up 8.3%, down from 28.5% in November. Russia has struggled to replace all the exports it once sent to Europe with exports to China and India. While 90% of Russia's crude oil has been redirected to Asia, it's nowRussian President Vladimir Putin has been vocal about possiblySo far, Moscow has threatened to cut its oil production by
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