Russian diplomat: It will take time for the collapse of the structure of world trade due to sanctions and alternatives

Russia’s Charge d’Affaires in China Ivan Gelokhovtsev said Western sanctions are affecting trade between Russia and China as the structure of world trade is collapsing and it will take time to build alternative schemes.

This is stated in an interview with the Russian Novosti agency today, Friday, July 15, where Gelokhovtsev continued that, according to the General Customs Administration of the PRC, the volume of trade between Russia and China in the first half of 2022 increased by 27.2%, reaching $80.675 billion During the reporting period, China exported $29.55 billion worth of goods to Russia, an increase of 2.1% compared to the first half of 2021, while Russia’s exports to China increased by 48.2%, reaching $51.125 billion.

Commenting on trade performance between Russia and China, the diplomat said: “Western sanctions have become an important factor influencing the volume of Russian-Chinese trade.”

Stressing that we are witnessing a breakdown in the global trade and financial structure, Gelohovtsev said: “It will take some time, and I am sure it is a short time, to build reliable alternative schemes. However, at the moment, both Russian and Chinese companies are forced to restart regulation, which is reflected in the trading performance.

Source: RIA Novosti

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