May 28, 2023
Business Insider recently published an article featuring Jay Zagorsky, Associate Professor of Markets, Public Policy, and Law, discussing his predictions about Russia’s economic dependence on China.
For the past few months, observers have called attention to Russia’s growing dependence on China and even hinted that Russia may be becoming a vassal state of China. This would occur once Russian imports and exports to and from China reach 50% – making it so reliant on Chinese trade.
Zagorsky notes, “Russia has predicted trade volume with China will notch a new record of $200 billion this year, and other statistics show that Russia will export around 26% of its goods to China. That’s double the amount before the Ukraine war, when Russia exported only 13% of its goods.”
Despite the increasing relations with China, they are not fully reliant on just one country for trade and have other trade relations with countries, such as India. Russia’s relationship with China can still be viewed as a partnership and not yet a set decision. However, both countries provide things the other needs, leaving no reason for their close relations to end anytime soon.