Russia-China Trade Tops 99% in Rubles and Yuan as Sanctions Deepen Moscow's Dependence
Updated
Updated · Gazeta Express · May 27
Russia-China Trade Tops 99% in Rubles and Yuan as Sanctions Deepen Moscow's Dependence
3 articles · Updated · Gazeta Express · May 27
More than 99% of Russia-China trade was settled in rubles and yuan by late 2025, Russian Finance Minister Anton Siluanov said, underscoring Moscow’s shift away from dollar and euro payments.
Western sanctions since 2022 cut Russia off from SWIFT, froze about $300 billion in central-bank reserves and blocked access to advanced technology, pushing Moscow toward Chinese finance, machinery and electronics.
China is set to supply roughly 90% of Russia’s imports of sanctioned technology by 2025, Bloomberg reported, helping sustain Russian missile, drone and broader defense production despite higher procurement costs.
Trade flows show the imbalance: Russia exported about $129 billion of mostly discounted fossil fuels to China in 2024, while China shipped nearly $116 billion of goods that replaced withdrawn Western suppliers.
That deepening reliance could widen if Power of Siberia 2—planned to carry up to 50 billion cubic meters of gas a year—advances, further tying Russia’s energy future and bargaining power to Beijing.
With a new Mideast war, can Russia leverage the energy crisis to regain bargaining power against Beijing?
What are the hidden risks for Russia's economy in swapping its dependency on the US dollar for the Chinese yuan?
Is Russia's pivot to China creating a powerful new economic bloc or just a deeply unequal 'vassal' relationship?
Russia-China Trade 2025-2026: From De-Dollarization to Deepening Asymmetry and Structural Limits
Overview
Between 2025 and early 2026, the Russia-China trade relationship saw its first annual decline in trade volume, followed by a strong rebound driven by Russia’s energy exports. This recovery boosted Russia’s fiscal health but also exposed new vulnerabilities, especially Russia’s growing reliance on the Chinese yuan and ongoing operational challenges in the ruble-yuan trade system. These shifts highlight a deeper structural change, where Russia’s economic stability increasingly depends on China, making the partnership more asymmetric and raising concerns about long-term sustainability and financial resilience for both countries.