The Russian-Chinese Economic Relationship and Its Impact on Russia

The establishment of first diplomatic and economic relations between Russia and China has relatively short historical roots despite its geographic proximity. Nevertheless, the substantial growth of trade and investment cooperation between countries gained momentum in the modern time after the fall of the Soviet Union. The increased Russian production of oil and gas together with rise in its prices and rapid development of Chinese economy facilitated their economic interaction over the last decade. However, within last years, Russia faced with the external challenges in terms of slumping oil prices and geopolitical and economic isolation by the Western countries after the annexation of the Crimea peninsula. In this way, Russian government took a decision to make an Asian pivot towards the largest economy in the world - China and, thus, intensifying the already established economic ties. The further progress of Russian-Chinese partnership is going to be dependent on the implementation of the planned strategic initiatives and various external political and economic factors.