This week, Chinese and Russian leaders Xi Jinping and Vladimir Putin will resume talks on the Power of Siberia 2 gas pipeline, which is supposed to connect the economies of the two countries, Bloomberg reports. The project, which involves the supply of 50 billion cubic meters of gas annually, will allow Russia to compensate for the loss of European markets and China to replace expensive imports of liquefied natural gas.
Negotiations have been ongoing for years, but Beijing has avoided any preliminary agreements, while Moscow has repeatedly said it would reach a deal quickly. The main obstacle remains financial conditions: China insists on subsidized prices and minimal construction costs, which creates difficulties for Russia, which is under sanctions pressure.
It is expected that the May 8 meeting in Moscow, where sensitive issues of energy cooperation will be discussed, could be a breakthrough for the project, which has been stalled in recent years.
This gas pipeline is strategically important for both countries, strengthening their economic cooperation against the backdrop of global geopolitical challenges.
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