International Development Secretary Andrew Mitchell said yesterday that it was no longer justified to offer money to the two major nations and that aid would cease as soon as "practical and responsible".
Figures for 2008-9 show Britain gave China 40.2 million mainly for health and education projects. Russia received 1.8m in part for civil society work.
The Bilateral Aid Review will analyse the Department for International Development's programme in each country to look at results, delivery and value for money.
Mr Mitchell said "For some countries aid is a vital safety net that saves lives every day. UK money should be spent helping the poorest people in the poorest countries, with every penny making a real difference by giving families the chance of a better future."