Russian President Vladimir Putin expressed admiration for the remarkable energy collaboration between Moscow and Beijing. This comes as the Kremlin endeavors to fortify its partnerships in Asia to compensate for the reduction of the European market, which has been impacted by extensive Western sanctions due to Russia’s actions in Ukraine.
Putin concluded a two-day visit to China on Thursday, marking his first trip outside the former Soviet Union this year. During an address at a Russian-Chinese energy forum in Beijing, Putin stated, “Relations in the overall partnership and strategic cooperation between the Russian Federation and the Chinese People’s Republic have reached an unprecedented high level and continue to develop dynamically.”
He emphasized the growing significance of energy cooperation within this partnership, stating, “One of the key areas of this relationship is energy cooperation, which is becoming increasingly active.” According to Igor Sechin, the head of Russian oil company Rosneft, “over 75 percent” of Russia’s exports to China are energy-related. Furthermore, Sechin highlighted that Russian gas exports to China in the current year are poised to achieve a historic maximum, exceeding 30 billion cubic meters.
Additionally, Sechin revealed that Russia has become China’s primary oil supplier in 2023, surpassing Saudi Arabia. As Russia faces significant Western sanctions, particularly in the oil sector where the G7, the European Union, and Australia have imposed price limits on Russian exports, Moscow has actively sought to redirect its deliveries to Asia, even at discounted rates.
Moscow’s future plans include commencing the construction of the “Power of Siberia 2” pipeline from Russia to China next year, a monumental project aimed at enhancing the supply of natural gas to Beijing.