INSUBCONTINENT EXCLUSIVE:
business dailyreported Wednesday.China has emerged as a major economic lifeline for Russia since the West slapped sanctions on Moscow in
response to the full-scale invasion of Ukraine in February 2022
Trade between the two countries hit a record high of $240 billion in 2023.Kommersant, citing Chinese customs data, reported that China
increasingly dependent on China for exporting its energy commodities.However, amid the surging trade, threats of United States sanctions on
Chinese banks have created bottlenecks in cross-border payments between Russia and China due to stricter compliance procedures from Chinese
banks.Russian President Vladimir Putin visited China in his first foreign trip since re-election in May, with mediareporting that he helped
ensure payment alternatives amid Western sanctions.
