China's imports from Russia in July return to growth

7/8/2024 17:33

        China's imports from Russia in July rose after two months of decline, customs data showed on Wednesday, despite U.S. sanctions on banks complicating bilateral trade payments.
        
        Imports from Russia rose 4.5% in yuan terms from a year earlier, reversing falls of 6.7% in June and 2.2% in May, according to General Administration of Customs data.
        
        Western sanctions prohibit the shipment of dual-use goods to Russia that could be used to sustain the war in Ukraine.
        
        China's willingness to do business with Russia has extended an economic lifeline to Moscow. The neighbours have been pushing for closer economic cooperation particularly in the energy sector, as Chinese Vice Premier Ding Xuexiang said last month the share of energy in bilateral trade has reached 38.5%.
        
        A digital platform told Reuters last month the increased use of digital assets in cross-border settlements between Russia and China was also helping to mitigate payment difficulties.