Vladimir Putin, the president of Russia, lauded the “unprecedented” energy cooperation between Moscow and Beijing on Thursday. The Kremlin is trying to increase its ties with Asia in order to make up for the loss of the European market.
Putin praises ties with China: Due to its offensive in Ukraine, Russia has been subject to severe Western sanctions, and Europe is attempting to sever its energy ties with Moscow.
On Thursday, Putin concluded a two-day trip to China, his first this year outside the former Soviet Union.
“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,” Putin said in a statement while speaking at a Russian-Chinese energy summit in Beijing.
Energy cooperation, which is becoming more active, is one of the relationship’s “key areas,” he continued.
Igor Sechin, the CEO of the Russian oil major Rosneft, stated at the meeting that “over 75 percent” of Russia’s exports to its neighbour China are related to the energy sector.
The Putin loyalist continued, “Russian gas exports to China will reach a historic high this year — they will deliver more than 30 billion cubic meters of gas.”
According to Sechin, Russia will surpass Saudi Arabia as China’s primary oil supplier in 2023.
The West has heavily sanctioned Russia, and in the case of oil, the G7, the EU, and Australia have imposed a price cap on its exports. As a result, Moscow has been trying to divert deliveries to Asia for months, even if it means selling the product at a loss.
“Construction of the massive ‘Power of Siberia 2’ pipeline, which will transport more natural gas to Beijing, is set to commence in Russia next year.”