Development of Chinese-Russian Trade and Economic Relations in the Context of the Russian-Ukrainian Crisis: Current State and Suggestions

Since February 24, 2022, the conflict between Russia and Ukraine has fully intensified. Since the Russia-Ukraine conflict, the West has imposed comprehensive sanctions on Russia. The economic relations between Russia and the West began to break down, Russia subsequently broke away from the International Settlement system (SWIFT), the ruble currency depreciated severely, and the logistics links became more complicated. The economic sanctions of Western countries have put Russia’s economy and finances under great pressure in the short term. In order to counter Western sanctions, Russia has begun to continuously strengthen its relations with China, especially in the field of economic and trade cooperation. As the world’s second largest economy, China has the world’s largest consumer market, which is of great significance to help Russia get rid of the “sanctions crisis”. By drawing on and analyzing relevant online news, the latest data provided by the General Administration of Customs of China, etc., this article introduces the current situation of China-Russia economic and trade development under the influence of the Russia-Ukraine conflict, analyzes the factors affecting the development of China-Russia economic and trade, looks forward to the prospects of China-Russia economic and trade development, and explores how China should appropriately deal with the issues of China-Russia economic and trade relations. The authors believe that in the context of the new era of comprehensive strategic cooperation and partnership between China and Russia, China should pay attention to the following aspects in the process of promoting the development of China-Russia economic and trade relations: formulate multiple sets of emergency plans and adopt appropriate financial and monetary policies; develop Russian economic and trade relations while taking into account economic and trade relations with other countries; strengthen the construction of infrastructure at China-Russia border crossings to better serve the “Belt and Road” initiative, etc.; Strive to maintain China’s image and correctly guide the Chinese people’s public opinion on the Russia-Ukraine conflict.