China’s Russian coal imports hit 5-year high as ties deepen | Business and Economics

Russia’s coal imports in August reached 8.54 million tons amid soaring energy demand in the world’s second-largest economy.

China’s Russian coal imports hit a five-year high in August, the latest sign of Beijing providing Moscow with an economic relief as it faces international isolation over the war in Ukraine.

Russia’s coal shipments hit 8.54 million tonnes last month amid a surge in energy demand in the world’s second-largest economy due to extremely hot weather, data from the General Administration of Customs showed. on Tuesday.

The transaction, up 57% year-on-year, marked the highest volume since authorities began collecting data in 2017.

China and Russia, which earlier this year declared their friendship “unlimited”, have deepened economic cooperation since Russian President Vladimir Putin in February ordered his forces to invade. Ukraine.

China’s purchases of Russian imports jumped 60% in August to $11.2 billion due to increased demand for oil, coal and gas.

Chinese exporters have also ramped up their exports to Russia, with trade volume up 26% year-on-year last month to $8 billion.

Bilateral trade between the parties reached 117.2 billion USD in the first eight months of 2022, up more than 31% over the same period last year.

At the same time, China is said to be hesitant to openly violate sanctions against Russia for fear of losing access to Western export markets and the US dollar-centered international financial system, with a Some Chinese state financial institutions quietly stay away. country in recent months.

Beijing has refused to condemn the invasion and opposes Western-led sanctions against Moscow, although it has expressed hope for negotiations and peace between the parties.

Transparent Putin’s First Meeting With Chinese President Xi Jinping Since Invasion Last week, the Russian leader expressed appreciation for the “balanced position of our Chinese friends regarding the Ukraine crisis”.

Mr. Xi, who met Putin on the sidelines of the Shanghai Cooperation Organization (SCO) summit in Uzbekistan, said China is willing to work with Russia to “play a leading role in demonstrating the responsibility of the countries”. great power” and “create stability and positive energy into a chaotic world”.

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