China could become a key buyer of Russian wheat and sunflower oil after the large-scale sanctions endangered Russian trade with its traditional European markets, according to S&P Global.
We would like to remember that on February 24, China officially authorized the imports of wheat and barley from all regions of Russia that would allow the exporter to ship grain to China from the Black Sea ports. In the past, supplies of the Russian wheat to China were possible only from certain regions and were made by road and rail transport.
The full-scale opening of the Chinese wheat market is also beneficial for Russia against the backdrop of China's higher dependence on this crop due to the increase in its use for feed production, which was registered in 2021.
Moreover, an increase in the supply of Russian sunflower oil to China is expected due to an increase in demand for from Chinese importers and in the absence of Ukrainian products on the market.
It's worth mentioning that China has expressed its intention to maintain normal trade relations with Russia to get mutual benefit.
Image source: agroobzor.ru