As trade with China booms, some Russian companies are flourishing

"The surge in Russia-China trade illustrates simply that sanctions lose their bite over time, as non-participating countries take advantage of the economic opportunities left when Western firms retreat," said Zach Meyers, assistant director of the Centre for European Reform think-tank.

...Meyers of the Centre for European Reform said the expansion in Sino-Russian trade ties carried risks for both sides.

"There is a significant risk for Russia ... (which) is now far more dependent on China than China is dependent on Russia. China is a 'partner' who Russia deeply distrusts," he said.

"The West remains a far bigger trading partner for China than Russia is, and China has a lot to lose if Western sanctions start to hit a significant number of Chinese firms."