<p>Russia has found itself in an unequal relationship with China since intensifying its pivot toward Beijing after the assault on Ukraine.</p>.<p>Since Western countries imposed sanctions on Moscow, bilateral trade between the two neighbours has reached a record $190 billion and the proportion of Russian foreign trade carried out in yuan has gone from 0.5 percent to 16 percent.</p>.<p>"It's absolutely critical for Russia to be close to China, because Russia doesn't have many trade friends," Elina Ribakova, deputy chief economist at the Institute of International Finance, told <em>AFP</em>.</p>.<p>Russian President Vladimir Putin is now preparing to host Chinese leader Xi Jinping next week.</p>.<p>The two last met when Putin visited Beijing three weeks before launching his campaign in Ukraine.</p>.<p><strong>Also Read: <a href="https://www.deccanherald.com/international/world-news-politics/russia-china-show-off-ties-amid-maneuvering-over-ukraine-1193794.html" target="_blank">Russia, China show off ties amid maneuvering over Ukraine</a></strong></p>.<p>Ties between the two countries are particularly strong in the energy sector, which has been heavily targeted by Western sanctions.</p>.<p>"China and India have replaced the European Union as Russia's most important export market" for oil, said a group of economists from the Institute of International Finance.</p>.<p>Along with Turkey, China and India accounted for two-thirds of Russia's crude oil exports in the fourth quarter last year.</p>.<p>"Chinese companies took over the niches that were freed by Western companies that exited Russia," said Sergey Tsyplakov, an expert at the Moscow Higher School of Economics.</p>.<p>That was a view shared by Anna Kireeva, a research fellow at the prestigious MGIMO University in Russia.</p>.<p>"It was necessary to find alternative sources of import as well, especially in machinery, electronics, various parts and components, automobiles and other vehicles," Kireeva told <em>AFP</em>.</p>.<p>She said however most big Chinese companies that are well-integrated into Western markets opted to pause their activities in Russia for fear of potential sanctions.</p>.<p>Time will tell if the alliance of convenience will turn into a long-term sustainable partnership.</p>.<p>"Putin wants an even relationship with China, like with a twin brother, but it's not the case," analyst Timothy Ash told <em>AFP</em>.</p>.<p>"Russia has no other option" than to turn to China, he said.</p>.<p>Temur Umarov, a fellow at the Carnegie Endowment for International Peace, said Russia's economic stability "depends on China".</p>.<p>"It gives Beijing another tool, another instrument to influence Russia from domestically," he said.</p>.<p>The Kremlin however denies any disparity.</p>.<p>"There is neither a leader nor a follower in relations between Russia and China, because both parties trust each other equally," Russian presidential aide Yuri Ushakov told journalists.</p>.<p>Some logistical problems hinder trade development between Beijing and Moscow.</p>.<p>Railway routes in Russia's Far East are saturated, Kireeva said, and their upgrade will take some time.</p>.<p>Infrastructure in Far Eastern regions, including the main oil port of Kozmino in the Sea of Japan, are also congested.</p>.<p>Besides, Russia has had to sell its oil at cheaper prices than usual to China or India to maintain sales volumes.</p>.<p>Its budget is already feeling the consequences of the forced discounts.</p>.<p>Oil export revenue sank by 42 per cent year-on-year in February, the International Energy Agency said.</p>.<p>Having fewer partners leaves Russia in a vulnerable position compared to China, which remains a competitor, Ash said.</p>.<p>"Beijing has an interest in keeping Russia as an ally that is independent to the West, while it also likes Russia to be weakened so it can exploit it."</p>.<p>Russia's economic dependency on China is still in its early stages, Umarov said.</p>.<p>"But in years or decades this economic leverage could turn into some bigger political leverage," he added.</p>
<p>Russia has found itself in an unequal relationship with China since intensifying its pivot toward Beijing after the assault on Ukraine.</p>.<p>Since Western countries imposed sanctions on Moscow, bilateral trade between the two neighbours has reached a record $190 billion and the proportion of Russian foreign trade carried out in yuan has gone from 0.5 percent to 16 percent.</p>.<p>"It's absolutely critical for Russia to be close to China, because Russia doesn't have many trade friends," Elina Ribakova, deputy chief economist at the Institute of International Finance, told <em>AFP</em>.</p>.<p>Russian President Vladimir Putin is now preparing to host Chinese leader Xi Jinping next week.</p>.<p>The two last met when Putin visited Beijing three weeks before launching his campaign in Ukraine.</p>.<p><strong>Also Read: <a href="https://www.deccanherald.com/international/world-news-politics/russia-china-show-off-ties-amid-maneuvering-over-ukraine-1193794.html" target="_blank">Russia, China show off ties amid maneuvering over Ukraine</a></strong></p>.<p>Ties between the two countries are particularly strong in the energy sector, which has been heavily targeted by Western sanctions.</p>.<p>"China and India have replaced the European Union as Russia's most important export market" for oil, said a group of economists from the Institute of International Finance.</p>.<p>Along with Turkey, China and India accounted for two-thirds of Russia's crude oil exports in the fourth quarter last year.</p>.<p>"Chinese companies took over the niches that were freed by Western companies that exited Russia," said Sergey Tsyplakov, an expert at the Moscow Higher School of Economics.</p>.<p>That was a view shared by Anna Kireeva, a research fellow at the prestigious MGIMO University in Russia.</p>.<p>"It was necessary to find alternative sources of import as well, especially in machinery, electronics, various parts and components, automobiles and other vehicles," Kireeva told <em>AFP</em>.</p>.<p>She said however most big Chinese companies that are well-integrated into Western markets opted to pause their activities in Russia for fear of potential sanctions.</p>.<p>Time will tell if the alliance of convenience will turn into a long-term sustainable partnership.</p>.<p>"Putin wants an even relationship with China, like with a twin brother, but it's not the case," analyst Timothy Ash told <em>AFP</em>.</p>.<p>"Russia has no other option" than to turn to China, he said.</p>.<p>Temur Umarov, a fellow at the Carnegie Endowment for International Peace, said Russia's economic stability "depends on China".</p>.<p>"It gives Beijing another tool, another instrument to influence Russia from domestically," he said.</p>.<p>The Kremlin however denies any disparity.</p>.<p>"There is neither a leader nor a follower in relations between Russia and China, because both parties trust each other equally," Russian presidential aide Yuri Ushakov told journalists.</p>.<p>Some logistical problems hinder trade development between Beijing and Moscow.</p>.<p>Railway routes in Russia's Far East are saturated, Kireeva said, and their upgrade will take some time.</p>.<p>Infrastructure in Far Eastern regions, including the main oil port of Kozmino in the Sea of Japan, are also congested.</p>.<p>Besides, Russia has had to sell its oil at cheaper prices than usual to China or India to maintain sales volumes.</p>.<p>Its budget is already feeling the consequences of the forced discounts.</p>.<p>Oil export revenue sank by 42 per cent year-on-year in February, the International Energy Agency said.</p>.<p>Having fewer partners leaves Russia in a vulnerable position compared to China, which remains a competitor, Ash said.</p>.<p>"Beijing has an interest in keeping Russia as an ally that is independent to the West, while it also likes Russia to be weakened so it can exploit it."</p>.<p>Russia's economic dependency on China is still in its early stages, Umarov said.</p>.<p>"But in years or decades this economic leverage could turn into some bigger political leverage," he added.</p>