Our study investigates the dynamic connectedness and volatility spillovers between China and Russia, focusing on their economic and fi nancial market interactions from 2009 to 2023. Utilizing a Time- Varying Parameter Vector Autoregression (TVP–VAR) and the LASSO models, we examine how bilateral trade infl uences fi nancial markets, including stock indices, bond yields, and liquidity measures. We discover a moderate positive correlation between Chinese exports to Russia and the performance of Russian fi nancial markets, highlighting a still nascent, but growing role of trade structures. The results also show that economic relations between China and Russia have substantial impacts on their respective fi nancial markets, driven by evolving geopolitical and economic contexts. This study contributes to the understanding of international economic relations and fi nancial market dynamics, providing insights into the mechanisms of volatility transmission and the interconnectedness of global markets.