China could become a key buyer of Russian wheat and sunflower oil after sweeping sanctions jeopardize Russia's trade with its traditional European markets, according to S&P Global.
Recall that on February 24, China officially allowed the import of wheat and barley from all regions of Russia, which will allow the exporter to ship grain to China from the Black Sea ports. Previously, deliveries of Russian wheat to China were possible only from certain regions and were carried out by road and rail transport.
The full opening of the Chinese wheat market is also beneficial for Russia against the background of China's increasing dependence on this crop due to the increase in its use for feed production, which was observed in 2021.
In addition, an increase in the supply of Russian sunflower oil to China is expected due to the growth in demand for it from Chinese importers and in the absence of Ukrainian products on the market.
Note that China has expressed its intention to maintain normal trade relations with Russia for mutual benefit.