Moscow - Russia has achieved a significant milestone by becoming one of China's top five trading partners for the first time, as the two nations strengthen their cooperation at an unprecedented pace. According to data released by the Chinese General Administration of Customs, trade turnover between Moscow and Beijing reached record levels, surpassing $114.5 billion between January and June.

This remarkable figure represents a substantial 40.6% increase compared to the same period the previous year. It propelled Russia into the esteemed list of China's top five trading partners, trailing behind the United States ($327.2 billion), Japan ($157 billion), South Korea ($153.4 billion), and Australia ($116.1 billion).

The growth in exports and imports between Russia and China has maintained a consistent double-digit pace since the start of the year, displaying continued acceleration. These figures signify the most substantial surge since the onset of the conflict in Ukraine, indicating that Russia is now China's fastest-growing trade partner on a global scale.

The flourishing economic cooperation between Russia and China can be seen as a natural outcome following Moscow's shift in trade from the European Union to Asia after facing extensive Western sanctions. Aleksandr Daniltzev, the head of the Institute of Trade Policy at the Higher School of Economics in Moscow, remarked that Russia primarily exports commodities and a certain amount of finished goods to China. Meanwhile, China supplies Russia with goods that were prohibited due to international restrictions, including industrial equipment.

The mutual decision to conduct a majority of transactions in their own national currencies, instead of relying on the US dollar, has further solidified the economic ties between Moscow and Beijing. Both countries have intensified their efforts to reduce dependence on the dollar and euro in international trade, particularly in the context of the sanctions imposed on Russia.