In August 2025, there is a significant deterioration in trade relations between Russia and China. According to reports, China’s purchases of Russian goods decreased by 17.8% compared to the same period last year. At the same time, exports of Chinese goods to Russia fell by 16.4% year-on-year, while in July, the decline was 8.6%.
This is reported by Business • Media
Dynamics of Russian-Chinese Trade in 2025
- In the first eight months of 2025, total trade between the countries decreased by nearly 9%, reaching ¥1.03 trillion (approximately $145 billion).
- Russian exports to China fell by 8.8%, while imports of Chinese goods to Russia decreased by 8.2%.
- China reduced purchases of nearly all categories of Russian raw materials: oil by 11%, petroleum products by 28%, liquefied natural gas by 13%, timber and coal by 10%.
China Opens Bond Market for Companies from Russia and Increases Gas Imports
Despite the decline in trade, Beijing is preparing to allow major Russian energy companies back into the domestic bond market. This will mark the first appearance of Russian corporations in mainland China’s market since the full-scale invasion of Ukraine by Russia in 2022. The last time Russian companies issued bonds in China was in 2017, when “Rusal” raised ¥1.5 billion ($210 million).
American and European sanctions have effectively closed access to international capital markets for Russian companies. Chinese banks have long avoided cooperation with Moscow due to the risk of secondary sanctions. However, amid the deepening relations between Beijing and Moscow, caution is easing.
China is also developing a system for regular imports of liquefied natural gas from the Russian project Arctic LNG 2, which is under U.S. sanctions. A terminal in the city of Beihai has been selected for this purpose, which has limited international access, allowing for the isolation of the broader gas sector of the country from potential sanctions impacts.