China's yuan-denominated exports to Russia dropped sharply in November when compared to the 24% growth the previous month, Reuters reported on Dec. 10, citing Chinese customs data.
The decrease of 10.5% compared to November 2023 marks the first drop since July, Reuters writes, underscoring the growing challenges in the China-Russia economic relations.
Imports from Russia in yuan also fell by 7.4%, according to the news agency.
The trade between the two countries is mired by payment difficulties as the West tightens the screws on sanctions against Russia, imposed in response to the full-scale invasion of Ukraine.
The U.S. unveiled sanctions against over 50 Russian financial institutions in late November, including Gazprombank, until then Russia's largest non-sanctioned bank.
Chinese companies have also come under increasing scrutiny over their role in helping Russia avoid the imposed restrictions. Western officials have emphasized Beijing's vital role in sustaining Russia's economy and defense industry amid the war.
While the trade between China and Russia surged after the outbreak of the full-scale war, the past year saw a mounting number of cases of Chinese institutions shutting down transactions with Russia over concerns of secondary sanctions.
Dominic Culverwell
(Updated: )
