Russia and China have signed nearly three dozen new agreements spanning energy, trade, and technology during Chinese President Xi Jinping’s visit to Moscow for Victory Day events.
Energy deals anchor the partnership
The most closely watched discussions involved Chinese participation in Russian liquefied natural gas projects, including the Ust-Luga facility. For Russia, getting Chinese capital and technology into its LNG sector is increasingly critical as Western sanctions have choked off access to the equipment and financing that previously underpinned these megaprojects.
The Power of Siberia 2 pipeline would deliver Russian gas to China through Mongolia, but key commercial terms remain unresolved, including price, volume, duration, and take-or-pay commitments. China has indicated a desired gas price of $120 to $150 per 1,000 cubic meters. Russia needs this pipeline far more than China does, and Beijing knows it.
Financial plumbing gets an upgrade
