Title page 1

Contents 5

Introduction 6

Sino-Russian trade falling from its peak 7

Growing trade barriers between Russia and China 9

Russia wants Chinese money - but it's not coming 12

Joint projects : lack of real progress 14

Clear limits to military cooperation 18

Why isn't China interested in expanding cooperation with Russia further? 19

Conclusions and policy recommendations 21

Tables 7

Table 1. Sino-Russian trade in 2021-2025 7