How China became the new master of Russia's economy — SkimNews
Get the Geopolitics newsletter
Daily geopolitics — wars, elections, sanctions, the diplomatic moves that move markets. Free.
- 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.
Ask SkimNews
