Chinese Exports to Russia Plummet for First Time Since War Began

News Snapshot:

Chinese exports to Russia last month fell for the first time year-on-year since the war in Ukraine began in 2022, according to Chinese customs data. The shift came as Chinese companies moved to dodge secondary sanctions that the Biden administration introduced to squeeze industries deemed to be supporting Russia's military supply chain. Trade between the neighbors soared to new heights following Russian President Vladimir Putin's February 24, 2022, invasion. This propped up Russia's isolated wartime economy amid crushing Western sanctions but also made the country ever more dependent on China. Russia-China trade soared to $240 billion last year on the...