Low oil prices could delay meeting of $200 bln Sino-Russian trade target

Oil pump

Oil pump

Shutterstock/Legion Media
Moscow and Beijing were hoping to meet the target by 2020.

Low energy prices could lead to a slight delay in meeting the $200 billion trade target set between Russia and China, Russian Economic Development Minister Alexei Ulyukayev told reporters in Beijing on Jan. 16 after attending a board meeting of the Asian Infrastructure Investment Bank.

Moscow and Beijing were hoping to meet the target by 2020.

“Low energy prices pose a serious challenge to our bilateral trade,” Ulyukayev said. “Last year it dropped significantly, to approximately $68 billion, according to Chinese statistics; according to ours, even a little lower. The drop is quite significant, but it is less than the drop in trade with the EU and is due primarily to price fluctuations.”

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