The world is still far from greenhouse gas emissions pathways that align with the Paris Agreement goals. In 2022-2023, geopolitical and economic fragmentation increased, making the transition to a low-carbon economy more complex. Meanwhile, 2023 was confirmed as the warmest year on record, according to the World Meteorological Organization. The annual mean global temperature has come close to 1.5°C above pre-industrial levels. The impacts of climate change are increasingly manifesting as natural hazards, thereby elevating the importance of climate transition measures for major countries. Russia’s main trading partners from friendly countries, firstly China, a global leader in green technologies, are no exception. The tightening of international climate regulations and the widespread adoption of low-carbon technologies will inevitably influence Russian exporters, whose products are mostly energy resources or have high carbon intensity. These processes seem to potentially pose systemic risks to the economy and the financial sector that funds these companies. This publication aims to highlight the importance of climate risks for the economy and the financial sector.