Amid war, Russia eyes trade boost with China; sets $200 billion target for 2024

Amid the ongoing war between Russia and Ukraine and back-to-back sanctions, Moscow is trying to utilise this opportunity to boost trade relations with China. According to a report by Channel News Asia, Russian President Vladimir Putin is expecting a trade growth of $200 billion by 2024.

While speaking to Interfax news agency, Georgiy Zinoviev, head of the Russian foreign ministry's first Asia department, said that the head of both countries have set a goal to push "Russia-China bilateral trade" to reach $200 billion in the next two years. He asserted that the target could even be achieved before time if both countries continue working with a common belief. 

As China has been reeling under the wrath of the COVID pandemic, Zinoviev said this would be a great chance for Chinese companies to expand their business in Russia. However, he acknowledged that the lethal virus could also complicate efforts that were made in recent months. 

According to him, Chinese business tycoons have shown immense interest in expanding their business in Russia and added the West sanctions would be beneficial for them. Notably, several Western countries imposed stringent sanctions on Russia for its unlawful action against Ukraine.

While a number of top companies have already left the country in order to penalise or condemn Russian aggression. Citing the sanctions, Zinoviev said this will help the Chinese companies easily get attraction from a wide range of consumers. 

Lavrov says relation between China-Russia increased tremendously 

Earlier in March, Russian Foreign Minister Sergey Lavrov held several meetings with his Chinese counterpart in the Chinese city of Tunxi. According to a report by news agency TASS, the Russian Foreign Minister called the meeting "fruitful" and affirmed that Moscow wanted to develop good relations with Bejing. As per Lavrov, the relations between China and Russia have deepened tremendously since the beginning of the "military operation".

While speaking to Chinese Foreign Minister Wang Yi, Lavrov said, "We are going through a very serious stage in the history of international relations. I am convinced that as a result of this stage, the international situation will become clearer significantly and we will move together with you, together with our other like-minded people, towards a multipolar, just, democratic world order." Further, the Russian diplomat vowed that Moscow will develop relations with China "steadily" and "consistently". 

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