Russian President Vladimir Putin also sent a message to the forum participants on Tuesday, saying that despite the complicated international situation, the comprehensive partnership and strategic interactions between Russia and China continue to develop.
“The energy industry remains one of the key and most rapidly evolving areas of our economic cooperation,” Putin said, according to Russian state news agency Tass.
Russia-Chinese trade turnover in the energy sector this year has grown by 64 per cent, year on year, with physical deliveries increasing by around 10 per cent, Russian Deputy Prime Minister Alexander Novak said during the forum.
Held both virtually and in person, the forum took place simultaneously in Moscow and Beijing, with the two venues setting up video calls for attendees to chat.
01:45
China says ‘no limits’ in cooperation with Russia
Bolstered by soaring energy prices and China stepping up purchasing, bilateral trade between China and Russia increased by 33 per cent in the first 10 months of the year, reaching US$153.9 billion, with Chinese imports jumping almost 50 per cent to US$94 billion.
Around 80 per cent of Chinese imports of Russian products are minerals, and crude oil comprises 70 per cent of those imported minerals, according to Post calculations based on Chinese customs figures.
In an effort to curb Moscow’s ability to fund its invasion of Ukraine, G7 countries have proposed setting price caps on Russian energy sources. In response, the Kremlin vowed to divert oil to countries that do not support the idea, such as China and India.
Russia has already become China’s second-largest supplier of crude oil this year – trailing only Saudi Arabia – by exporting 72 million tonnes valued at US$49 billion in the first 10 months.
Despite suppressed demand for energy products amid widespread Covid-19 lockdowns, China’s imports of Russian natural gas have also grown this year, while imports from most other countries have declined.
From January to October, China’s imports of Russian liquefied natural gas surged 32 per cent to 4.9 million tonnes, worth about US$5.3 billion, according to Chinese customs data.
The value of Russian pipeline natural gas imports in the first 10 months this year reached US$3.1 billion, or almost triple the import value during the same period last year, the data shows.
Beijing and Moscow agreed in September to settle payments for Russian gas supplies to China in roubles and yuan, in an effort to insulate themselves from Western pressure.
The topics of Russia, and China’s potential sway over the country, are expected to be key discussion points during European Council President Charles Michel’s trip to China on Thursday.
