Putin Says Russia-China Trade Will Grow by 25% by End of 2022 Despite Intimidation by West

MOSCOW (Sputnik) - Despite the intimidation by some Western countries, trade between Russia and China will grow by about 25% by the end of 2022, and the $200 billion level will be reached ahead of schedule, Russian President Vladimir Putin said on Friday.

“Despite the unfavorable external conditions, illegitimate restrictions and direct intimidation by some countries of the West, Russia and China managed to secure record growth rates of mutual trade. By the end of the year, it will increase by 25%. Under such a dynamic, we will be able to reach the $200 billion target mark set by us for 2024 ahead of schedule,” Putin said during talks with Chinese President Xi Jinping via video link.

China is ready to build up strategic cooperation with Russia and be global partners for the benefit of the peoples of the two countries and in the interests of world stability against the backdrop of a difficult international situation, Chinese President Xi Jinping said.

"In the face of a difficult, far from unambiguous international situation, we are ready to build up strategic cooperation, provide each other with opportunities for development, be global partners for the benefit of the peoples of our countries and in the interests of stability throughout the world," Xi told Russian President Vladimir Putin during a video call, as broadcast by the Russian TV channel.

The leaders of Russia and China earlier set the goal to double bilateral trade, bringing it from $100 billion a year to $200 billion by 2024. The $100 billion mark was reached in 2018.

China highly appreciates the fact that Russia is not refusing to resolve the Ukrainian crisis through negotiations, Chinese President Xi Jinping said.

"The Chinese side has taken note of statements of the Russian side on the fact it has never refused to resolve the conflict [in Ukraine] through diplomatic talks, Beijing highly appreciates this," Xi said during talks with Russian President Vladimir Putin.

China will continue to stick to the objective and just stance on the situation in Ukraine, as well as play a constructive role in peaceful resolution of the Ukrainian crisis, the leader said.

Additionally, Xi said that China and Russia should continue to promote energy cooperation.

“The sides should continue to efficiently use existing working mechanisms and communication channels in order to promote positive progress in the bilateral practical cooperation in trade and economic, energy, financial and agricultural spheres,” the Chinese leader said.