Moscow, Russia - President Vladimir Putin said Wednesday that Russia's economic and trade links with China are "yielding results" as he welcomed Chinese Premier Li Qiang to the Kremlin.

Moscow has looked to Beijing as an economic lifeline since the Ukraine conflict began, with the two boosting trade to record highs as Russia faces heavy economic sanctions from the West.

"Our trade relations are developing successfully... The attention that the two governments on both sides are paying to trade and economic ties is yielding results," Putin said in a meeting with Li.

"Our states have worked out large-scale joint plans, projects in economic and humanitarian spheres, we expect for many years ahead," he added.

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Li told Putin that "Chinese-Russian relations are at an unprecedentedly high level," according to the Kremlin's translation of his remarks, saying Putin and Chinese leader Xi Jinping had created a "strong impulse for further deepening of bilateral relations."

In a separate meeting with Li, Russian Prime Minister Mikhail Mishustin hailed the countries' links as a stabilizing element.

"Our partnership and strategic cooperation is especially important in a situation where new contours of the global order are being formed," Mishustin said.

"And in these conditions, the Russia-China link is a powerful stabilizing factor, promoting economic growth in both countries and increasing quality of life for our citizens," the Russian premier said.

Citing a joint communique, Chinese state media Xinhua said the two sides agreed to optimize trade structure, grow bilateral trade volume, and promote the development of e-commerce.

It also said they would make efforts "to expand mutually beneficial cooperation in the Arctic" as well as bilateral agricultural trade.

Moscow and Beijing both rail against "Western hegemony," particularly what they see as US domination of global affairs, and Mishustin on Wednesday said the two countries must "focus efforts on protecting our shared interests."