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Russia and China ink trade deals

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Russia and China ink trade deals

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A visit by Russian Prime Minister Vladimir Putin to China has seen the signing of trade deals worth 2.4 billion euros.

However that is 1.4 billion euros less than the amount the Kremlin spoke about last week with no explanation given for the discrepancy. Chinese Premier Wen Jiabao is in a more comfortable position than Putin. China’s economy has continues to steam ahead while Russia has struggled during the global downturn. The two countries are due to sign what has been described as a “framework” agreement on Russia supplying gas to China. But there are still disagreements over pricing and conditions to be resolved. Concrete deals that have been signed include 680 million euros in loans to Russia’s second biggest lender VTB from the Agricultural Bank of China and from the China Development Bank to its Russian equivalent VEB.