The new pipeline will allow China to buy Russian gas at below-market prices and make Moscow even more dependent on Beijing.
After years of negotiations, Russia has finally secured a binding agreement with China for the construction of the Power of Siberia 2 pipeline, a conduit running through Mongolia from the Arctic gas fields of Yamal. Although some Western media see the deal as Russian President Vladimir Putin’s “diplomatic victory”, in reality it is Beijing that will be the major beneficiary of the project.
Following the Western sanctions on Moscow, imposed as a result of the Russian invasion of Ukraine in 2022, the European Union – once a major buyer of Russian energy – began looking for alternative suppliers.
