- Russian imports of goods from China surged in September.
- A new trade agreement between Russia and China was finalized in late August.
- Russia relies heavily on China for trade due to Western sanctions and isolation from global markets.
Russia's imports of goods from China increased sharply last month, a sign that Moscow is leaning more heavily on Beijing after the two countries affirmed their economic ties.
China exported around 80 billion yuan worth of goods to Russia in the month of September, a 9% increase from the 73 billion yuan worth of goods it exported the prior month, according to Chinese customs data published on Tuesday. That's larger than the increase recorded over the last several months, with Chinese exports to Russia rising 3% in August and 1% in July.
The surge of trading activity follows a fresh cooperation agreement Russia and China finalized in late August, which vowed, among other things, to deepen trade ties. The deal reaffirmed the "no limits" partnership Moscow and Bejing have sought to expand since 2022, which took both country's trade with one another to a fresh record last year.
"Our trade relations are not only developing but flourishing, thanks in part to the efforts of our Chinese friends," Russian President Vladimir Putin said in a meeting with China's premier, Li Qiang, per a Kremlin transcript of the event. "The attention and commitment shown by both governments towards the development of trade and economic relations have yielded positive results."
Total trade between Russia and China notched 1.28 trillion yuan from the start of the year through September, up 3.5% from the same period last year, customs data shows.
Moscow has grown more reliant on Beijing as an economic partner since being targeted by Western sanctions in 2022. Trade restrictions from the West have pushed Russia into an increasingly isolated position in global markets, economists say, with countries like China and India among the nation's small circle of major trading partners.
Russia's trade with China has stumbled recently, however, due to payment issues abroad. In August, most Chinese banks were reportedly refusing to process payments from Russia after the US threatened to impose secondary sanctions on institutions helping Russia continue to do business and fund its war in Ukraine.