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Media: Russia faces difficulties with Chinese imports as Beijing tightens control

by Kateryna Denisova and The Kyiv Independent news desk July 5, 2024 6:36 PM 2 min read
Russia's President Vladimir Putin meets with China's President Xi Jinping on the sidelines of the Shanghai Cooperation Organisation (SCO) member states leaders' summit in Astana on July 3, 2024. (Sergei Guneyev/Pool/AFP via Getty Images)
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China has tightened export controls on military and dual-use products since July 1, the Moscow Times reported on July 5.

This has already made it more difficult to deliver Chinese equipment and machinery to Russia, the Moscow Times reported, citing Russian importers.

Trade between Russia and China has reportedly surged by 121% since 2021, underscoring Beijing's role as Moscow's economic lifeline. A functioning payment system is necessary for maintaining trade relations, and Russia was cut off from SWIFT in 2022.

The list of restrictions includes equipment, software, technologies, spare parts, and engines for the aerospace industry, as well as some equipment and software for the steel industry and production of gas turbines.

Exports of these products now require a permit from the Chinese Trade Ministry or a license to export dual-use goods. The new requirements apply to all exporters.

All delays and additional expenses will result in increasing the cost of cargo delivery and its prices, the Moscow Times reported.

The U.S. and other countries unveiled a new wave of sanctions on June 12 that targeted Russian financial institutions, as well as entities and individuals based in China and elsewhere that help Moscow circumvent the existing restrictions.

While the Russian economy has proved to be resilient in the face of Western sanctions, the measures gradually forced many Chinese banks to scale down activities with or in Russia.

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