A group composed of Russian and Chinese businesses is considering 73 joint investment projects cumulatively worth more than $100 billion, according to a Tuesday statement.

Cooperation between China and Russia is an issue of global importance as both nations try to achieve economic stability despite the pain of U.S. penalties — sanctions against Russia, and an escalating tariff war against China. Beijing and Moscow have had a rocky relationship, but the two governments have publicly sought closer ties in recent years.

The group overseeing the potential billions in investment is the Russian-Chinese Business Advisory Committee, which held an annual meeting this week during the Eastern Economic Forum in Vladivostok, Russia.

The committee includes more than 150 representatives from "leading Russian and Chinese companies," according to a statement from the Russia-China Investment Fund. The RCIF was established in 2012 by China's state-owned China Investment Corporation and Russian sovereign wealth fund the Russian Direct Investment Fund.

The announcement said seven projects worth a total of $4.6 billion had already been implemented as a result of work by the China-Russia group.