The Foreign Intelligence Service of Ukraine has published an analytical report on economic relations between Moscow and Beijing, which demonstrates a significant gap between political rhetoric and real financial activity. Despite statements about strategic partnership, the total volume of accumulated Chinese investments in Russia since 2022 remains static and does not exceed 17.4 billion US dollars. This is reported by UNN.
Details
According to intelligence data, in 2022 there was a temporary jump in investments at the level of 20%. This was explained by the inertia of previously approved projects and an attempt at a "substitution effect" after the mass exodus of Western companies from the Russian market. However, by early 2026, it became obvious that this dynamic was completely exhausted, and new large-scale production projects from China were practically absent.
Particularly indicative is the decline in China's interest in Russia's raw materials sector, which traditionally was the main object of Beijing's attention. Investments in mineral extraction decreased from 9 billion to 8.8 billion dollars. This indicates that China views Russia as a resource base for purchases, and not as a platform for building joint long-term infrastructure.
Priority of financial services and sanctions caution
The only area that showed rapid growth of 50% was financial services. If previously Chinese banks in Russia played a secondary role, by 2025-2026 they focused on servicing payment channels for bilateral trade.
At the same time, capital is directed not to new production facilities, but mainly to the creation and maintenance of payment and settlement channels
Chinese investors demonstrate maximum pragmatism, avoiding investments in sectors that may fall under secondary US and EU sanctions. Beijing has clearly outlined the boundaries of safe investments, beyond which it does not go, despite constant requests from the Kremlin for financial support for the economy in conditions of isolation.