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China trade
EconomyGlobal Economy

China-Russia trade: supercharged energy deals still deemed crucial as West presses Beijing on Ukraine

  • French President Emmanuel Macron welcomes Beijing’s commitment to ‘refrain from selling any weapons or aid’ to Russia
  • But China’s Ministry of Commerce also commits to working with Russia to tap new sectors for bilateral trade

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New energy-trade deals between China and Russia are still being pursued. Photo: Bloomberg
Kandy Wong

Beijing has vowed that “proactive measures” will be taken with Moscow to consolidate bilateral trade in traditional areas such as energy, minerals and grains, despite the looming threat of sanctions from Brussels and Washington over the Ukraine war.

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The world’s second-largest economy continues to buy much-needed crude oil and natural gas from its northern neighbour to shore up energy security, but the status of the Power of Siberia 2 gas pipeline – considered a signature project in their “no-limits” strategic partnership – still seems to be up in the air.
Chinese authorities have been facing mounting pressure over relations with Russia, whose invasion of Ukraine in February 2022 has triggered blanket sanctions from the European Union and United States.

After meeting President Xi Jinping at Elysee Palace on Monday, French President Emmanuel Macron welcomed Beijing’s commitments to “refrain from selling any weapons or aid” to Russia and to “strictly control” sales of products and technologies that could be used for both civilian and military purposes.

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China says ‘no limits’ in cooperation with Russia

China says ‘no limits’ in cooperation with Russia

Meanwhile, the commerce ministry’s director of Eurasian affairs, Liu Xuesong, said on Monday that China would “work along with Russia” to tap new sectors for bilateral trade, including in services, the digital economy, and green industry and low-carbonisation development.

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