Putin Promised Xi Jinping An "uninterrupted" Export Of Natural Resources To China

The Russian dictator called it a "sustainable system of mutual trade."

Russia is ready to provide China with "uninterrupted" supplies of oil, gas and LNG, Russian President Vladimir Putin said after talks with Chinese President Si Jinping in Beijing.

Putin said that Russia and China have built a stable system of mutual trade, which is "protected from external influence and negative trends."

"Our country is one of the largest exporters to China of oil, natural gas, including liquefied gas, and coal. We are, of course, ready to continue to reliably ensure uninterrupted supplies of all these fuels to the fast-growing Chinese market," Putin said (quoted by Interfax).

According to the Gaidar Institute, last year Russia supplied China with 91.4 million tons of oil, 72.4 million tons of coal, and $12.6 billion worth of gas, including pipeline and LNG. At the same time, oil shipments were down 8% in physical terms and their average price was 8% lower than other suppliers. As a result, China saved $2.2 billion for the year and nearly $12 billion since the war with Ukraine began.

China's imports of Russian coal decreased by 11% and pipeline gas increased by 18%. In addition, China purchased 7.8 million tons of Russian timber (-10%), 245 thousand tons of ferrous metals (-63%), as well as 2.1 million tons of aluminum (+68%) and 88 thousand tons of nickel (+51%).

China accounted for 27% of Russian exports and 36% of all goods that were imported to Russia. At the same time, Moscow's dependence on China for supplies of sanctioned technologies reached 90%.

At the end of last year, Russian-Chinese trade decreased for the first time in 5 years: mutual trade turnover, which soared by dozens of percent after the war in Ukraine and Russia's isolation from Western markets, fell by 6.5% to 1.63 trillion yuan ($234 billion). Both Chinese supplies of goods to Russia (down 3.4% over the year) and Russian exports to China (down 9.9%) were down.

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