Over the first ten months of 2023, Russia supplied China with more oil and petroleum products than it did in the entirety of 2022, according to a statement made on Friday by Russian Deputy Prime Minister Alexander Novak.

In a speech at the Russia-China intergovernmental commission in Beijing, he pledged that Russia would increase its delivery of energy products even further, noting that Russia also welcomed investments and technologies from China in its energy sector.

The deputy prime minister said, “We are committed to the closest partnership with the Chinese side in the energy sector and in all areas of cooperation. We are talking about both further increasing the supply of Russian energy resources to the Chinese market and attracting Chinese investments and advanced technological solutions to the fuel and energy complex of the Russian Federation.”

Russia emerged as the fifth largest trading partner of China, not counting Hong Kong and Taiwan, between January and November. Ahead of Russia on the list was the US, EU, South Korea, and Japan.

Trade turnover between China and Russia was already above the $200 billion target set by Moscow and Beijing, with one third of that trade volume composed of energy products. according to Novak.

Chinese customs data showed that there was a 26.7% increase in trade volumes with Russia over the first 11 months of 2023, which added up to a record $218.17 billion worth of trade.

Andrey Belousov, the First Deputy Prime Minister of Russia, has predicted that the two nation will see bilateral trade increase to $300 billion by the end of the decade.