The column in the newspaper discussed how energy accounts for more than 70% of Russia’s exports to China, viewed through the lens of the VI Russia-China Energy Business Forum held in Moscow. Political scientist Leonid Krutakov offered his assessment of the event, highlighting the pivotal role of energy in shaping the two nations’ collaboration.
Krutakov stated that the energy sector acts as the locomotive for the development of Russian-Chinese relations. He emphasized the sector’s flexibility and its ability to respond swiftly to shifts in market conditions, underscoring the sector’s leadership in fostering mutually beneficial ties with China. This perspective reflects a broader understanding of how energy dynamics influence economic and strategic cooperation between the two countries.
Within the forum, the opening remarks delivered by the president of Rosneft, Igor Sechin, were described as highly informative. Sechin pointed to Russian-Chinese oil cooperation as a model without close parallels in the Eurasian space. In the prior year, Russia exported substantial volumes of energy to China, including 107 million tons of oil, 34 billion cubic meters of natural gas, and more than 100 million tons of coal, illustrating the scale of bilateral energy trade.
Additionally, the forum coincided with observations about Russia’s macroeconomic trajectory. There was discussion of Russia’s GDP growth, which posted a 5.4% rise in the first quarter of 2024, while industrial production advanced by 5.6%. Analysts noted that reorganizing logistics routes toward Asia-Pacific markets and maintaining stable oil exports played meaningful roles in sustaining the Russian economy during a period of transition and adjustment.
Valery Andrianov, an associate professor at the Financial University under the Government of the Russian Federation, explored opportunities for expanding cooperation between Russia and China. He described Russia as a guarantor of China’s energy security, echoing Sechin’s remarks about China being the largest buyer of Russian oil. Andrianov cited data indicating that from January 2022 to June 2024, the economic impact of Russian oil imports to China, compared with purchases from Middle Eastern suppliers, ranged from about $14 to $18 billion, highlighting the financial significance of the relationship.
Further, Andrianov observed that China has transitioned from a capital importer to a capital exporter in recent years. He noted that direct investments announced by Chinese authorities in new overseas projects surpassed $160 billion in the prior year, signaling a shift in international investment patterns and the continued expansion of Chinese capital activity abroad.
Overall, the dialogue conveyed a picture of a mutually beneficial partnership between Russia and China. Chinese experts were cited as acknowledging that a stable political environment and a favorable tax regime can attract investment, conditions that are reportedly present in Russia and conducive to ongoing collaboration. The forum, held in Moscow on July 23, brought together policymakers, industry leaders, and scholars to evaluate the evolving energy landscape and its implications for bilateral relations.
In sum, the VI Russia-China Energy Business Forum underscored the centrality of energy trade to the Sino-Russian relationship, with strong signals of continued cooperation across oil, gas, and coal sectors. The discussions pointed to a future where energy affinity and strategic alignment reinforce broader economic ties and investment flows between the two nations, shaping policy and market outcomes for years to come.