As Russian President Vladimir Putin revealed this week during a visit from Uzbekistan’s President Islam Karimov to Moscow, Russia has lost its top trading partner status with the Central Asian nation for the first time since the fall of the Soviet Union.

Unsurprisingly, it was China that took that title in 2015 after it did $3 billion worth of trade with Uzbekistan. And that was even lower than in 2014, when the figure stood at $4.7 billion.

As Putin noted ruefully, the fall was down to the currency devaluation brought on by the slump in global prices for oil.

“Russia occupies the second place among external trade partners for Uzbekistan. Our share in Uzbekistan’s external trade is 17 percent,” Putin said on April 26, according to a Kremlin transcript.

It’s not all bad news for Moscow though. The volume of bilateral goods trade has actually increased in the first quarter of this year, by 7.9 percent.

According to Russia’s Federal Customs Service, Russia’s trade with Uzbekistan in 2015 hit $2.8 billion. Uzbekistan has a substantial trade deficit with Russia, importing $2.2 billion worth of goods, while exporting $602 million in 2015.

Uzbek political analyst Kamoliddin Rabimov said that although the nominal drop in trade was indeed down to the collapse of the ruble, the overall trend was unmistakeable.

“The scale of the trade turnover between China and Uzbekistan has become so big that we will see it, mostly likely, only continue to increase. Russia is gradually losing its economic presence in Central Asia to Russia, and that is notwithstanding the fact that countries in Central Asia have not entirely opened their doors to China,” Rabimov said.

The shift inevitably bears geopolitical significance as well.

“The strengthening of China’s economic power in Uzbekistan speaks to the fact that what has happened and is continuing to happen is an inescapable shift of priorities and interests in the region,” said Sergei Abashin, a Central Asia expert based in St. Petersburg.

There are around 500 companies operating with Chinese investment in Uzbekistan, according to official figures. The largest Chinese-led project has been the completion of the Angren-Pap railway line, which has enabled Uzbekistan to better bridge its Ferghana Valley region to the rest of the country without relying on transit routes through neighboring countries.