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.

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,

Moving to fortify tough technology restrictions on China on its way out the door, US President Joe Biden's administration announced new regulations Monday designed to further restrict artificial intelligence chip exports.

Oil prices slipped on Tuesday from the previous day's four-month highs but the market remained supported by continuing focus on the impact of new U.S. sanctions on Russian oil exports to key buyers India and China.