Chinese imports from Russia soared in July and its exports to the nation rebounded, customs data showed.
Imports from Russia rose 49% in July, slower than a 56% gain in June and a nearly 80% rise in May. Exports to sanctions-hit Russia rose 22% in dollar terms, shaking off a 17% decline in June and marking the first growth since March, according to calculations based on China’s customs data released on Sunday.
Russia is a major source of oil, gas, coal and agricultural commodities for China.
Amid the ongoing Ukraine war, Russia was China’s biggest oil supplier in May and June as Chinese buyers cashed in on lower-priced supplies.
However, oil supplies loaded from the Russian ports to the China dropped to 21.3 million barrels in July, the lowest since February.
Russia invaded Ukraine on February 24, an intervention Moscow describes as a “special military operation”.
China has refused to condemn Russia’s actions and has criticized the sweeping Western sanctions on Moscow.
Beijing also says that it has not provided military assistance to Russia or Ukraine, but that it would take “necessary measures” to protect the rights of its companies.
- Reuters with additional editing by Jim Pollard
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