Russia’s strategic energy ties with China are a boon for the global economy, President Vladimir Putin has said, adding that cooperation on this front will only gain momentum.
On Friday, the Russian leader attended the opening ceremony of the Russia-China EXPO, which is being held in the northeastern Chinese city of Harbin from May 17-21. The event serves as a major platform for economic partnership, promoting business opportunities, investment, and technology exchange.
Addressing participants of the exhibition, Putin said both countries can be proud of their bilateral economic ties, as trade turnover has reached $240 billion. This cooperation, he added, boosts the economies of both powers, raises living standards, and promotes energy security.
The Russian leader singled out the latter, stressing that “our strategic alliance in the energy sector, which has become a robust pillar of the entire global energy market… will continue to grow stronger.”
Russia “is ready and able to reliably and without interruptions supply the Chinese economy, enterprises, cities, and towns with environmentally friendly, affordable energy, electricity, and heat,” he added.
The two countries also have strong industrial ties, with Chinese carmakers actively rolling out their products in the Russian market, while Moscow and Beijing are advancing joint civil aviation projects, Putin said.
After Western countries imposed unprecedented sanctions on Moscow over the Ukraine conflict, Russian energy exports to the EU significantly plummeted. According to Eurostat, Russian oil and gas exports to the bloc amounted to more than €29 billion ($31.5 billion) in 2023, with overall trade turnover three times lower than in 2022.
However, Moscow ramped up energy deliveries to Asia, particularly China. According to Bloomberg, Russia became China’s biggest source of oil, exporting a record 107 million tons of crude in 2023, a quarter more than in 2022.