Strengthening Ties: Russian PM Mishustin Engages with Chinese Leadership Amid Trade Challenges

Russian Prime Minister Mikhail Mishustin met with his Chinese counterpart, Premier Li Qiang, in Hangzhou, China, on Monday, according to reports from Russian media.

Mishustin’s visit to Hangzhou marks the beginning of a two-day trip to China, culminating in a meeting with Chinese President Xi Jinping on Tuesday.

During their discussions, the two leaders focused on enhancing trade and economic collaboration, as well as reinforcing their energy partnership, among other key issues.

Mishustin emphasized that China is the largest trading partner for the Russian Federation, noting that the majority of their bilateral trade is now transacted in their respective currencies. He remarked that the proportion of the dollar and euro in trade transactions is now insignificant.

Nevertheless, business newspaper Kommersant reported that trade between the two nations is expected to drop in 2025 for the first time since Russia’s extensive aggression against Ukraine began in 2022.

Kommersant highlighted that data indicates a 9.4% year-on-year decrease in trade between China and Russia during the first nine months of 2025, amounting to $163.62 billion.

The decline is attributed to several factors, including the impact of sanctions, weak domestic demand in China, and the oversaturation of the Russian market with Chinese goods.

Additionally, the Interfax news agency reported that the two delegations finalized eight agreements. These agreements cover a range of topics, including humanitarian cooperation, collaboration between customs services, measures to prevent the illegal transborder movement of nuclear materials, and a Russian-Chinese roadmap for cooperative satellite navigation from 2026 to 2030, among others.