China's yuan-denominated exports to Russia experienced a sharp decline in November, dropping 10.5% compared to November 2023, according to Chinese customs data cited by Reuters on December 10.
This is the first decrease since July, following a 24% growth in October.
Imports from Russia also fell, declining by 7.4% in yuan terms, Reuters reported.
Trade between the two countries has been complicated by payment challenges as Western sanctions against Russia intensify.
In late November, the U.S. introduced sanctions on over 50 Russian financial institutions, including Gazprombank, which had been Russia's largest bank free from restrictions.
Chinese companies have faced growing scrutiny over their role in helping Russia navigate these sanctions. Western officials have pointed out Beijing's significant influence in sustaining Russia's economy and defense industry amid the ongoing war in Ukraine.
Shift in Trade Dynamics
Although trade between China and Russia surged following the outbreak of the full-scale war, recent months have seen a shift.
A growing number of Chinese institutions have reportedly curtailed transactions with Russia, concerned about potential secondary sanctions from Western nations.
