BEIJING—China and Russia have grown increasingly close in recent years, including as trading partners, a relationship that brings both opportunities and risks as Russia reels from tough new sanctions led by the West in response to its invasion of Ukraine. Total trade between China and Russia jumped 35.9 percent last year to a record $146.9 billion, according to Chinese customs data, with Russia serving as a major source of oil, gas, coal, and agriculture commodities, running a trade surplus with China. Since sanctions were imposed in 2014 after Russia annexed Ukraine’s Crimea, bilateral trade has expanded by more than 50 percent and China has become Russia’s biggest export destination. The two were aiming to boost total trade to $200 billion by 2024, but according to a new target unveiled last month during Russian President Vladimir Putin’s visit to Beijing for the Winter Olympics, the two sides want bilateral trade to …