What Happened: Chinese online retailer JD.com has partnered with Yandex.Market, an e-commerce joint venture between the Russian search engine Yandex and Sberbank, to increase cross-border trade between China and Russia. Yandex Market will start selling JD.com products in Russia via its online market from June.
Why is it important? Russia and neighboring countries of the Commonwealth of Independent States (CIS) are new frontiers for competition between China’s e-commerce giants seeking new markets to boost their growth. Alibaba announced last week a joint venture plan between AliExpress and Russian partners, including the Mail.ru group, a conglomerate of media and information technology. Yandex opened an office in Shanghai in 2015 to oversee partnerships with Chinese companies selling to Russian consumers. In addition to JD.com, Yandex has already helped a number of Chinese companies enter the Russian market, including B2C Lightinthebox, a Chinese consumer electronics website, and ZKTeco, a biotech company.