How China became the new master of Russia's economy
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- Russia shipped roughly $129 bn of goods to China in 2024, dominated by crude oil, coal and natural gas sold at steep discounts.
- China purchased more than €319 bn ($372 bn) of Russian fossil fuels since the invasion began, providing Moscow with hard currency.
- China exported nearly $116 bn of machinery, electronics and vehicles to Russia in 2024, filling gaps left by departing Western suppliers.
- China supplied about 90 % of Russia’s sanctioned technology imports in 2025, up from 80 % the year before, including dual‑use goods and machine tools for missile and drone production.
- Russia has shifted a growing share of its trade with China to the yuan after being cut off from SWIFT and seeing $300 bn of its central‑bank reserves frozen.
Why it matters: China locks in a captive market for its cheap energy and high‑tech exports, while Russia’s war‑financing becomes tied to Beijing’s pricing and technology, limiting Moscow’s leverage and exposing it to Chinese policy shifts.
