The value of China's imports and exports with Russia reached 1.74 trillion yuan ($237 billion) in 2024, a record high, Chinese customs data showed on Monday, as the two countries' leaders hailed bilateral relations.

Storyline: China's foreign trade volume reaches record high in 2024 [Voice_over] The General Administration of Customs of China on Monday outlined the country's foreign trade achievements in 2024. Officials say China had remarkable achievements in imports and exports in both total value growth and quality.

Trade between China and Russia reached a record high last year, according to official data released Monday, underscoring their deepening economic ties despite Western sanctions on Moscow. The total value of imports and exports between the two nations amounted to $244.

Chinese and Indian refiners are seeking alternative fuel supplies as they adapt to severe new U.S. sanctions on Russian producers and tankers that are designed to curb the revenues of the world's second-largest oil exporter.

Brent crude futures rose $1.14, or 1.43%, to $80.90 a barrel after reaching $81.49, its highest since Aug. 27, while U.S. West Texas Intermediate (WTI) crude gained $1.20, or 1.57%, to $77.77 a barrel,

The Biden administration has issued new restrictions on the export of US-developed computer chips that power artificial intelligence (AI) systems, in a final effort to prevent rivals like China from accessing the advanced technology,

The Biden administration is set to announce a new rule to regulate the export of advanced AI chips, aiming to restrict access for nations like China while trading with 18 key allies and partners.

President Joe Biden is planning one more round of export restrictions on AI chips to limit some countries' access to the key technology.