Hit by trade and financial sanctions following its invasion of Ukraine, Russia has shown relative resilience. Its trade declined during 2022, but at the end of the year, thanks to India and China, exports remained above their 2019-2021 average, while on the import side, it was essentially China that replaced Europe as Russia’s supplier. However, Chinese exports offered only limited compensation for sanctioned European exports to Russia. Turning to the financial sphere, China has enabled Russia to suffer less from the sanctions, thanks to the growing role of the yuan.