China’s Russia imports, hampered by payment sanctions, drop as exports swell
Though China’s exports to Russia have been on the rise, imports are falling as cross-border payments become more difficult under sanctions
Though China has reduced its imports from Russia while the latter country grapples with sanctions on international payments, exports to its northern neighbour reached a record high in September as Chinese companies quickly fill gaps left by the departure of Western firms.
In September, China’s exports to Russia reached US$11.25 billion according to customs data, the highest-ever monthly figure recorded.
Export growth, meanwhile, surged by 16.6 per cent year on year, the fastest growth seen in 2024. However, China’s imports from Russia decreased by 9.2 per cent year on year in yuan terms, a steeper drop after a 1.1 per cent decline was observed in August.
Sanctions from the United States and European Union on Russia over the war in Ukraine appear to have complicated Moscow’s international settlements, even with countries like China that are not party to sanctions.
In August, Reuters reported that Chinese state-owned banks had halted large-scale transactions with Russia, leaving payments worth billions of yuan in limbo.
