One of the active participants of the concept of «One belt – one road» is Russia, supporting it from the very beginning of the project. It is necessary to mention that at present the economic relations between China and Russia are developing very dynamically and positively. The impulse for strengthening cooperation between our countries can be considered the introduction by Western countries sanctions in 2014 against Russia and a turn of Russian foreign economic and political strategy towards the Asia-Pacific region, in particular China.

For optimal cooperation between Russia and China it is important to combine the mutual interests of both countries. The interests of the Russian Federation are related to the deepening of strategic partnership with China, in particular within the framework of the Eurasian economic Union [Efremenko, 2018. P. 48]. China relies on further rapprochement with Russia to ensure stability in the North and a strong strategic rear, investment, trade and economic energy cooperation.

On the 8th May 2015 as part of the institutionalization of cooperation Russia and China signed a Declaration on the interconnection of the Eurasian economic Union and the Silk Road Economic belt. The Declaration identified key directions of contact: investments in industrial cooperation, a development of a common logistics system, a harmonization of foreign trade legislation, a strengthening of the role of joint financial institutions and expansion of foreign exchange cooperation in the field of foreign trade. In 2016 the Memorandum according to the coordination of joint efforts to promote economic and investment cooperation in various international platforms was signed.

In May 2018 another agreement on cooperation in the economic sphere between the Eurasian economic Union and China on trade policy, technical regulation, phytosanitary control was signed. The harmonization of norms and removal of restrictions will certainly give impulse to the development of cooperation. On the 17th October 2018 during the meeting in Beijing it was proposed to accelerate the pairing of projects within the framework of the «One belt initiative”33 [Efremenko D. 2018]. This idea was also discussed at the fifth Eastern economic forum in 201934. Thus due to the active political support and stimulation of joint projects there is a significant institutionalization of cooperation between the Eurasian economic Union, the Silk Road Economic belt, the Russian Federation and China [The strategy of «The Economic belt of the silk road» and the role of the Shanghai cooperation organization, 2016. P. 16].

The interaction between the Eurasian economic Union and the «One belt – one road» initiative is primarily considered from the point of view of the development of logistics infrastructure and the creation of transport corridors. The Eurasian economic Union has proposed 38 projects for joint financing with China, including 11 Russian projects35. Thanks to the support of China the construction and development of transport routes connecting Western China and Western Europe and the Northern Sea route are planned.

The implementation of these projects is perfect for China because it will reduce the speed of delivery of goods to the European market (which is especially important because a daily trade volume of China – EU is 1.5 billion euro) and to Russia, as it will help to develop national production and export potential. As to the Russia the transit potential of the TRANS-Siberian railway is not fully used and a participation in the Chinese project will strengthen its role. The most important infrastructure project of fundamental importance for economic partnership between Russia and China is a construction of a railway bridge over the Amur River. The financial operator of this project is the Russian-Chinese investment Fund, formed By the Russian direct investment Fund and China Investment Corporation.

According to the opinion of some experts, the increase in the supply of goods, including transit through the Russian Federation by the help of land transport on the route China-Europe is real, if infrastructure capabilities and increase capacity will be increased. The experts also note two problems. The first one is an imbalance of under loading of trains when they return. The other problem is investment. The participants of the new Silk Road, who take part in the project as transit points, are still afraid to invest in the project, so the main financial burden falls on China. The China’s participation in the Russian projects can be regarded as a «political investment». Despite the loud statements of politicians of the two countries the real results of cooperation between China and Russia in the framework of the project are very modest.

Among project consequences for Russia we can note the following. The participation in the project “One belt – one road” can lead to the integration of the Russian transport system into the transport and logistics network of the Eurasian region, which will open up opportunities for transit and provision of related logistics services and access to the markets of the region36.

Of particular importance within the framework of the project is an interaction of our countries in the field of modernization of poorly developed regions of Siberia and the Far East, which need modern infrastructure and investment. As a concern, we can note a decrease of interest in the TRANS-Siberian and Far Eastern directions. The fact is that the route through Kazakhstan is beneficial for China both in terms of tariff rates and time. At present 10 of the 14 routes China–Russia are passing through Kazakhstan37.

The second advantage is a strengthening of industrial cooperation between the countries, the possibility of forming production clusters. The third plus of the Russian participation in the project “One belt – one road” is a possibility of pairing the Eurasian economic Union and the «One belt – one road» and turning it into a new center of economic and political development at the global level. However, it is worth noting that China is mainly focused on the development of the bilateral relations with each member of the Union individually.

Lately China is accused of opacity and often enslaving terms of agreements, unfair choice of contractors, failure to meet deadlines, untimely provision of promised loans, construction of «white elephants», and damage to the environment. Thus, according to China Global Energy Finance database in 2018 the share of «coal» projects in the project “One belt – one road” was 42%38.

Beijing is also accused of pumping the developing economies involved in the project with loans and debts. The West has even coined a new term – «debt trap diplomacy». In 2019 at the international cooperation forum “One belt – one road” in Beijing the Chinese President promised to become more open to Western investors. China assures the countries that the project has only an economic orientation; however, it is clear for everybody that by increasing economic power the country will gain geopolitical influence39.

In summary it can be noted that a feature of the Russian and Chinese cooperation in whole and within the framework of the project “One belt – one road” can be called a high level of institutionalization. The economic process is mainly from the top supporting a high political activity of two countries. The Chinese investors act very carefully, and they prefer to conclude agreements rather than invest.