Russia has been relying on reserves of Chinese yuan to boost its economy. (Image: Getty)
Russia has slapped with a new tariff restricting the imports of certain goods, despite the two being allies throughout ‘s isolation from the West.
China has provided an economic lifeline to following strict economic sanctions imposed by the West as
However, nearly three years into the war, their relationship may be fracturing as imposed a tariff on sliding rail parts used in Chinese furniture.
Customs officials in Vladivostok have re-categorised them alongside furniture parts with bearings, resulting in a 55.65 percent duty.
Roughly 90 percent of Chinese furniture fittings going into go through Vladivostok, and now they will face steeper tariffs than European suppliers, who face no more than a 10 percent duty.
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China has tried to help Russia in the wake of economic sanctions from the West. (Image: Getty)
The Association of Furniture and Woodworking Enterprises of has warned of the “serious consequences” this will have on the consumer.
It said in a statement: “[There will be] serious consequences such a strong increase in duties could lead to the bankruptcy of many importers of furniture components and an inevitable rise in the price of domestic furniture by at least 15 percent.”
Alexander Shestakov, the association’s president, stressed as they don’t produce the sliding rail parts domestically.
He told Forbes: “The annual volume of imports of furniture fittings is estimated at $1.3 billion, and it is very right that at the moment the duty on imported fittings is only 0 percent – this provides a lot of support to the industry.”
Vadim Vildanov, general director of Russian producer of cabinet fittings Boyard, said the move goes against the best interests of the Russian economy.
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He said: “This is contrary to the interests of domestic furniture production because it is Chinese fittings that now cover the needs of the Russian market.”
has skyrocketed since the war in , peaking at a record £188 billion in 2023, mainly due to oil exports and sales of electronics, vehicles, and machinery.
However, they have struggled to maintain this due to stricter sanctions and secondary sanctions on goods the US believes are aiding the war, causing Chinese exports to to decrease for the first time since March 2022.