On Monday, Russian Prime Minister Mikhail Mishustin held a meeting with Chinese Premier Li Qiang in Hangzhou, according to reports from Russian media.

Mishustin’s visit marks the beginning of a two-day trip to China, which will conclude with a discussion with Chinese President Xi Jinping on Tuesday.

During their talks, the leaders focused on advancing trade and economic collaboration as well as enhancing their energy partnership, among other subjects.

Mishustin emphasized that China is the largest trading partner for the Russian Federation and noted that nearly all bilateral trade is now settled in their respective currencies. He remarked that the proportion of transactions involving the dollar and euro is now negligible.

Nevertheless, the business publication Kommersant indicated that trade between the two nations is anticipated to decrease in 2025, marking the first drop since Russia’s full-scale invasion of Ukraine in 2022.

Kommersant’s analysis revealed that in the first nine months of 2025, trade volume between China and Russia fell by 9.4% compared to the previous year, totaling $163.62 billion.

The publication attributed this decline to several factors, including the impact of sanctions, sluggish demand within China, and the over-saturation of the Russian market with Chinese goods.

Additionally, the Interfax news agency reported that the delegations from both countries signed eight agreements. These agreements cover various areas, such as humanitarian cooperation, collaboration between customs services, measures to prevent the illegal cross-border transport of nuclear materials, and a roadmap for Russian-Chinese cooperation in satellite navigation from 2026 to 2030, among others.