Russia's trade with the US plummets to a 3-decade low while its commerce with China surges toward a record $200 billion
Russia's trade with the US has hit a 30-year low amid Western economic sanctions against Moscow.
Commerce between the two countries totaled $277.3 million in July – the lowest since March 1993.
Meanwhile, Russia's trade with China is on track to hit an all-time high of more than $200 billion.
The war in Ukraine is reshaping Russia's economic ties with the world.
The Eurasian nation's trade with the US plunged to a three-decade low in July, while its commerce with China is on track to hit an all-time high of more than $200 billion this year.
According to the United States Census Bureau, the value of trade between Russia and the US totalled 277.3 million in July this year – the lowest since March 1993. That also marked a collapse of almost 90% from levels reported at the end of 2021, shortly before President Vladimir Putin ordered the invasion of Ukraine.
US sanctions against Moscow in response to the Ukraine war have largely fueled the slide in bilateral trade, as the West seeks to economically isolate the Kremlin in retaliation for its aggression.
The measures have dealt a heavy blow to the Russian economy - with a crippling impact on its key energy trade - causing the nation's current-account surplus to plummet 85% during the January-July stretch of this year, from the same period of 2022.
One of the biggest new themes to emerge amid Moscow's struggles with Western sanctions is the nation's growing economic dependency on China – for everything from selling oil to buying consumer goods.
Russia's trade with China is set to surpass the $200 billion milestone this year, according to the minister of economic development Maxim Reshetnikov, per a local Russian news outlet.
"This suggests that the goal set by the heads of our countries, to reach a trade turnover of $200 billion by 2024, will be achieved this year, and we will clearly even exceed this bar," Reshetnikov said.
Russia is now the world's No. 1 buyer of Chinese cars, after western manufacturers such as General Motors, Ford, and Mercedes-Benz exited the country in response to the war.
Imports of Chinese cars saw a stunning 543% surge in the first half of this year to $4.6 billion in value, from the same period of 2022, the Russian news website RBC reported in July, citing figures from the Chinese customs department.
However, Russia's oil and gas trade now appears to be making something of a comeback after a year of pain, thanks to a rally in global oil prices.
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