Putin highlights booming trade with China — RT Business News

Moscow and Beijing have reached unprecedented levels of economic cooperation this year, the Russian president said.

Trade turnover between Russia and China has reached record volumes this year, despite Western sanctions, and will hit the target of $200 billion by 2024 ahead of expectations, Russian President Vladimir said on Friday. Putin, speaking via video link with Chinese leader Xi Jinping.

Putin added that he expects trade between the countries to increase by 25% by the end of the year, noting that between January and November agricultural turnover volumes jumped by 36% to $6 billion.

« Despite the unfavorable external situation, illegitimate restrictions and direct blackmail by some Western countries, Russia and China have managed to secure record growth rates of mutual trade, » he said.

The Russian leader also talked about bilateral projects in transport infrastructure. In particular, he mentioned the launching of railway and highway bridges over the Amur River in the Far East, saying that « For the first time in the history of our relations, permanent bridges have emerged over the Amur border river. »

During the meeting with his Chinese counterpart, Putin highlighted the « unprecedented » growth in Russian energy supplies to China and revealed the country’s plans to boost gas pipeline exports next year.

“Today, we are already second in terms of pipeline gas supply to China and fourth in terms of imported LNG. [liquefied natural gas]13.8 billion cubic meters had been transported along the eastern route as of December 1,” he said, noting that this month Russia exceeded its daily contractual obligations by more than 18%.

Russia also increased its oil shipments to China by 17% in November from a year earlier to 7.81 million tonnes, overtaking Saudi Arabia as the country’s top supplier. Russian crude shipments to China in the first 11 months jumped 10.2% to 79.78 million tonnes, according to data from China Customs. In terms of value, Russian oil shipments to China during the same period amounted to $54.49 billion, up 50% from last year.

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