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Western sanctions boost Russia’s business ties with China — Putin

September 01, 2015, 15:39 UTC+3 MOSCOW

Putin said he considers the development of high-speed railway transport one of the most promising areas of cooperation

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© ITAR-TASS/Alexey Druzhinin

MOSCOW, September 1. /TASS/. The sanctions imposed by the West have encouraged Russian business to develop ties with Chinese partners, Russian President Vladimir Putin said in an interview with TASS and Xinhua news agencies.

"I would not agree that the illegitimate restrictions imposed by certain Western countries against Russia have a negative impact on Russian-Chinese economic cooperation. On the contrary, this encourages our domestic business to develop stable business ties with China," Putin said.

"Since 2010, China has been Russia’s leading trade partner. In 2014, despite unfavourable trends in global economy, we managed to maintain our trade turnover, which reached around $88.4 billion," the Russian president reminded.

Putin said he considers the development of high-speed railway transport one of the most promising areas. "We have already agreed on the parameters of joint funding for the construction of a high-speed route between Moscow and Kazan, and the amount of investment to be provided by our Chinese partners and us will exceed 1 trillion rubles. We expect to have the new route running by 2020, for it to become a model project of Russian-Chinese transport and infrastructure cooperation," he noted.

Putin stressed that "cooperation in aerospace and space rocket industries is of great significance for both our countries." "We have already agreed on the joint creation of a wide-bodied long-range jumbo jet and a heavy helicopter, as well as on a number of other joint programmes," he said.

"China’s participation as a partner country in the INNOPROM 2015 International Industrial Fair in Yekaterinburg gave a new impetus to close cooperation in science, technology and production," the president noted.

"Both Moscow and Beijing are set to intensify our financial partnership, including mutual settlements in national currencies. We plan to expand interregional ties and cross-border cooperation, increasing their practical effect and improving cross-border transport infrastructure," Putin said.

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