Russia & China: a “no limits” partnership with limits

Russia and China declared a “no limits” partnership in 2022, but the economic limits to the relationship have become increasingly clear. Chinese FDI in Russia remains low, bilateral trade is contracting and use of the renminbi in cross-border transactions is in decline. Russia wants more than China appears willing to offer, but other constraints – including a limited need on China’s part for Russian goods as well as Western sanctions – will also limit any further deepening of trade, investment and financial ties. The result is that China will not replace what the West once provided for Russia.

We will be online at 1000 ET/1500 GMT on Thursday 4th December for a 20-minute briefing to discuss Russia-China relations, the implications for global fracturing, and the latest on the Ukraine peace plan. Register here.