Russia's Red Square E-Commerce Festival nets 150 million yuan in seven hours

Russia's inaugural Red Square E-Commerce Festival, which was held in Zaryadye Park in Moscow on May 17, generated sales of 150 million yuan ($21 million) during a seven-hour livestream, spotlighting the growing synergy in cross-border digital trade between China and Russia.

Co-organized by Russia's Ministry of Industry and Trade and the China Council for the Promotion of International Trade, or CCPIT, the event featured hundreds of Russian products, including agricultural goods and daily necessities, and was aimed at introducing Russian brands to Chinese consumers.

China's Ambassador to Russia Zhang Hanhui, underscored the role of bilateral collaboration in navigating global uncertainties when he delivered his opening remarks.

"Against the backdrop of accelerating global transformations and a complex international landscape, the stability and resilience of China-Russia relations, steered by our leaders, remain pivotal to safeguarding multilateral fairness and driving mutual development," he said.

Zhang emphasized that the festival "opens a high-speed channel for Russian products to reach Chinese households", enhancing consumer access while fostering people-to-people connectivity.

Li Qingshuang, vice-president of the CCPIT, hailed the event as a groundbreaking step in improving Sino-Russian economic engagement.

"This livestream model not only enriches the lives of Chinese consumers but also creates win-win opportunities," she said, pledging to implement the consensus reached by the two nations' leaders and expand business exchanges.

The festival's product lineup included flagship Russian exports such as honey, dairy products, and organic cosmetics, with real-time interactions attracting more than 2 million viewers on Chinese platforms.