Russia and China intensify alliance. Mutual investments approach staggering $11.4tn
2:52 AM EST, December 20, 2023
Xi Jinping met with the Russian Prime Minister on Wednesday in Beijing. "We have laid a sturdy foundation for further bilateral interaction with expanding scale and improving quality," announced Xi, as reported by Russian state agency RIA Novosti.
Xi also underscored the promising prospects for mutually beneficial cooperation between Russia and China.
On the other hand, Mishustin noted that "despite the challenges faced in 2023, bilateral trade and economic cooperation prevailed." He reported that last year, mutual trade between Russia and China was almost 18 trillion rubles.
The Russian Prime Minister also mentioned that Moscow and Beijing are jointly implementing 80 investment projects, the value of which, according to him, is nearing 20 trillion rubles.
Russia profited billions from sanctions
Collaboration with China isn't Russia's sole source of massive income since the onset of the war with Ukraine. The "New York Times" reports that Russia's budget garnered at least 1.25 billion dollars due to the withdrawal of foreign companies from Russia.
The newspaper outlines Vladimir Putin's personal involvement in the acquisition, and occasionally confiscation, of foreign assets.
Meanwhile, Kremlin spokesman Dmitry Peskov confirmed to the newspaper that assets are being taken over following significant discounts offered by domestic companies, who do so "with pleasure".
