Zhōngfāng hé Éfāng jiù néngyuán hézuò dáchéng le gòngshí.
The Chinese and Russian sides reached a consensus on energy cooperation.
Tips
usage
Same X方 'the X side' pattern as 中方 and 美方. 俄 is the abbreviation for 俄罗斯 (Russia), itself a transliteration via Mongolian/Manchu - note Chinese says É, not Rú/Lú.