11:21 GMT11 August 2020
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    Martin Charmoy, head of Prosperity Capital Management fund in London, predicted that trade between Russia and China will reach $200 billion in the next several years.

    Russia and China are quickly becoming close friends, a growing threat to European markets, Martin Charmoy, head of Prosperity Capital Management fund in London, said.

    "China needs almost everything Russia produces, and Russia-produced consumer goods are affordable enough."

    The analyst also predicted that trade between Russia and China will reach $200 billion in the next several years.

    "Russia and China are becoming best friends," Charmoy concluded.

    Meanwhile, the analysts said European companies that once were very successful in the Russian market are losing their positions due to sanctions and the geopolitical situation.

    "However, Europe should be very careful because Russia is a very important market for it."

    This week during the Chinese President Xi Jinping’s visit to Moscow, a wide range of agreements in the trade, economic and energy fields were inked. The main issue on the agenda was an agreement to couple the Eurasian Economic Union and the Silk Road projects.

    Last year, Russia’s gas-producing giant Gazprom and Chinese CNPC signed a deal to supply China with 38 billion cubic meters of gas per year over the next 30 years. The total sum of the contract is estimated to be $400 billion, the largest Gazprom contract ever. The gas price is attached to the oil price. The supplies are planned to start in four to six years.


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