China's exports to Russia dropped for first time in two years in March: Bloomberg cited reason

Photo: Chinese leader Xi Jinping and President of Russia Vladimir Putin (Getty Images)

Russian exports to China decreased by 16% in March compared to the same period last year. This trend is observed for the first time since mid-2022, informs Bloomberg.

According to the source, the reason for this export reduction is the threats from the US to impose sanctions on banks and companies suspected of aiding Russia’s invasion of Ukraine.

Meanwhile, as Bloomberg’s source revealed, Russian dictator Vladimir Putin may raise the issue of increasing trade volumes with China during his meeting with Chinese leader Xi Jinping – the Kremlin head plans to visit Beijing in May.

The source also added that Russia considers the slowdown in trade growth as “temporary”.

It is worth noting that last year, the trade volume between Russia and China reached record levels, amounting to $240 billion. This was due to Chinese imports of Russian oil and Chinese exports of automobiles, industrial equipment, and electronics to Russia.

Criticism of China for export to Russia

This week, German Chancellor Olaf Scholz criticized China for increasing its exports to Russia following the start of full-scale war in Ukraine. He emphasized that no one should be assisting the aggressor. The chancellor made this statement during his visit to Shanghai.

It is worth noting that China continues to expand trade with Russia. This is happening against the backdrop of Western sanctions, which include export restrictions on the aggressor country.

In the European Union, it has been emphasized that China is transferring technologies to the Russian military-industrial complex.