Chinese Investments in Russia under Anti-Russian Sanctions

This article provides a chronological and structural analysis of Chinese direct investments in Rus-sia from 1992 to 2024, with a particular focus on changes following 2022. Based on official statistics and case studies, the research identifies four distinct stages of development: from initial cooperation to the dominance of the energy sector, and subsequently to a phase of cautious engagement. The study examines key factors influencing investor behavior, including increased political and geopolitical uncertainty, economic barriers such as the shift to national currency settlements, and institutional incentives arising from the Belt and Road Initiative. The article con-cludes that Chinese companies are increasingly adopting a pragmatic and selective investment model aimed at risk mitigation and strategic adaptation to the evolving conditions of Sino-Russian investment cooperation.