Russia and China on Monday signed over 40 agreements covering energy, finance and technology as the Kremlin's economic status continue to worsen amid isolation from the West.

One of the most significant deals between the two countries was the agreement that Chinese banks will provide credit lines that amount to over US$4.5 billion directed to Russian banks and companies.

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The deal comes as Russia's major western connections in financing have been frozen due to the sanctions imposed by the United States.

The Export-Import bank of China will providing credit lines to two Russian banks, namely VTB and Vneshekonombank. VTB will use the credit lines for "a broad spectrum of products from China" such as varying produces and high-tech equipment.

Also, Russian oil giant Otkrytoe Aktsionernoe Obschestvo (OAO) Rosneft signed a deal with China o build a stronger relationship with China National Petroleum Corp. Rosneft has also been affected by the sanctions as the price of oil drastically decreased by US$10 per barrel from January this year.

Rosneft already signed a deal with China back in 2013 to deliver tens of billions of dollars of oil in a year. The new deal will strengthen China's far eastern regions by allowing Russia to provide stakes in their oil fields.

Another deal signed was an intergovernmental accord regarding natural gas supplies from another Russian company called OAO Gazprom. The 30-year deal is reportedly worth US$400 billion.

The leading Russian mobile operator, OAO MegaFon, agreed to a US$500 million loan from the Development Bank Corp. for the development of their mobile networks and the purchase of more equipment from the Chinese company Huawei Technologies Co. Ltd.

In relation to Huawei, OAO Sberbank will allow vendors to directly purchase Huawei products and will also promote it in the market.

Lastly, China and Russia agreed to have a three-year currency swap amounting to CNY150 billion (US$25 billion). Under the terms of the said deal, Russia will cut their ties with the US dollar to allow China and Russia to increase their trade in domestic currencies.

Aside from meeting with Russian President Vladimir Putin, Chinese Prime Minister Li Keqiang also talked to his Russian counterpart, Prime Minister Dmitry Medvedev. In an interview with Interfax news agency, Medvedev said he wants to see the trade between China and Russia double to US$200 billion.

China has been Russia's target for an alternative source both for business and finance as the West continue to target their economy due to the Ukraine crisis.

The relationship between China and Russia is believed to be "on the rise" and that the figures earlier stated for trades between Moscow and Beijing are very possible, adds Medvedev.

TagsChina-Russia, business deal, Li Keqiang, Western sanctions, Ukraine crisis, russian economy, currency swap