China-Russia Trade Reaches Record $11.25 Billion

Finland's defense industry saw a significant increase in exports, totaling 333 million euros in 2022, the highest since 2002, with military exports accounting for 192 million euros. Meanwhile, China's exports to Russia reached a historic high of $11.25 billion in September, reflecting a 16.6% increase compared to the previous year, as they fill gaps left by Western companies exiting the Russian market. Concurrently, imports from Russia to China declined by 9.2%, attributed to complications in international payments due to sanctions from the US and EU related to the ongoing conflict in Ukraine. These sanctions have hindered Russia's ability to process payments, even with non-sanctioned countries like China. In light of these challenges, Russia is expected to propose the establishment of a new cross-border payment system at the upcoming BRICS summit to facilitate transactions. The contrasting trade dynamics highlight the evolving geopolitical landscape impacting global commerce.