In 2022, the trade volume between China and Russia will reach a record high of RMB 1.28 trillion.

(AFP)

[Financial Channel/Comprehensive Report] China and Russia will be sanctioned by the United States, Europe and other allies in economic and technological industries in 2022.

The Chinese government said on Friday (13th) that the trade volume between China and Russia reached a record 1.28 trillion yuan (TWD 5.77 trillion) last year, and China's imports and exports to Russia accounted for 3% of the total trade volume.

While Russia's imports from the European Union have fallen due to sanctions related to Moscow's invasion of Ukraine, China's exports to Russia have grown for the sixth consecutive month.

Russia is more than doubling its LPG rail exports to China in 2022 as part of the Kremlin's efforts to diversify energy export sales, a Reuters analysis showed.

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China's natural gas imports from Russia via the Siberia pipeline will increase by at least 50% by 2022, according to Russia's largest producer Gazprom.

In the first 11 months of last year, China imported nearly 80 million tons of crude oil from Russia, an annual increase of 10%.

In dollar terms, trade between China and Russia slowed sharply in December, with exports rising 8.3 percent year-on-year, down from a 17.9 percent rise in November, according to Chinese customs data on Friday.

Imports from Russia rose 8.3%, down from a 28.5% rise in November, as a surge in infections after China abruptly lifted virus restrictions weighed on domestic demand.

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