China has displayed a facade of neutrality since the start of the war launched in Ukraine by its partner Russia. Officially, between the two neighbours, a ” limitless friendship prevails, based among other things on a common opposition to the standards of Western democracies. While Moscow is being hit hard by Western sanctions, cooperation will strengthen, according to the remarks this Sunday, December 25, by Chinese Foreign Minister Wang Yi.
As far as economic exchanges are concerned, it is clear that they have increased significantly since the start of the war. Bilateral trade between China and Russia even reached a record level: 172 billion dollars. This is a jump of 32% in one year, according to data from Chinese customs. While the historical customer, Europe, has closed its doors to Russian hydrocarbons, the pivot towards Asia is accelerating.
China has increased its oil imports by 60% in 2022, making Russia its second largest supplier. Minerals and agricultural products are also flowing in more, not to mention gas, the flows of which are set to increase. Everything is paid in yuan and in rubles through alternative financial systems so as not to violate sanctions against Russia.
China cannot turn its back on the West
China supports its partnerbut it cannot turn its back on Westerners: the United States and Europe remain by far the leading markets for Beijing.
From Russia’s point of view, many experts say, the departure of Western companies with their investments and their technology cannot be filled by China. In particular, in the energy field, vital for the Russian economy.
On the other hand, Russia’s position of dependence offers Beijing the possibility of asserting its hold on its neighbour.
►Also read: Ukraine: China’s cautious support for the Russian Federation