Challenges and Opportunities for the Development of Economic Relations Between Russia and China in the Sphere of Fuel and Energy Cooperation in the period from 1990 to 2023

This paper examines the key prospects and limitations of enhancing cooperation between Russia and China in the economy through partnership in the fuel and power industry. Due to the geopolitically turbulent situation, it is important to have reliable foreign trade allies who are willing to develop relationships despite restrictions imposed by sanctions. China is an energy-dependent country, whereas Russia needs markets for selling energy resources, which is a prospective area for strengthening bilateral cooperation. The aim of this study is to identify the main features of the fuel and energy complexes of the two countries that influence the development of external economic relations. In other words, depending on their diversification and development, the volume of trade, investment areas of cooperation, and the number of joint projects vary. In order to study this issue, qualitative and quantitative methods have been chosen. Thus, the methods of critical analysis, content analysis, correlation and regression analysis are applied. The obtained results demonstrate that extensive economic growth becomes an obstacle for building foreign trade relations, because in the long term it does not increase trade volumes. Besides, the transition to an intensive type of economic growth will help to resolve problems that limit energy cooperation. This, consequently, will lead to the development of economic cooperation between Russia and China. Moreover, the paper presents disadvantages and potential prospects of each industry of the fuel and energy complexes. Also, the regression model was used to determine the macroeconomic factors that have a major impact on the economic relations between Russia and China in the sphere of fuel and energy cooperation.