In early 2022, Russia and China famously declared their friendship had “no limits,” right before Vladimir Putin ordered the full-scale invasion of Ukraine.
More than three years later, that relationship is looking increasingly lopsided, and apparently doesn’t include friendly discounts, as Moscow relies heavily on Beijing to cushion the blow of Western sanctions.
A recent report from the Bank of Finland Institute for Emerging Economies found that the median price Russia paid for Chinese exports of sanctioned products soared 87% between 2021 and 2024. For exports from other countries, however, prices of sanctioned goods rose just 9% during that time.
Researchers highlighted ball bearings, which is on the European Union’s list of high-priority items. While the value of Chinese ball-bearing exports to Russia jumped by 76% from 2021 to 2024, the quantity of exports actually dropped by 13%, indicating that the unit price doubled.
And for tapered roller bearings, the unit price nearly quadrupled. Both types of products are critical industrial inputs that could also be used in Russia’s weapons sector.
