**Russia and China to Discuss Delayed Gas Pipeline Project**
Presidents Vladimir Putin and Xi Jinping are set to meet in Moscow this week for Russia’s Victory Day celebrations. One of the key topics on their agenda will be the long-delayed Power of Siberia 2 gas pipeline project, which has been plagued by construction issues and diplomatic tussles.
The proposed pipeline would allow Russia to strengthen its ability to export gas to China, an increasingly important goal for Moscow as Europe aims to fully sever its energy dependence on Russia by 2027. The Power of Siberia 2 pipeline would give Russia the capacity to export 50 billion cubic meters of gas per year, and would also benefit China by providing cheaper LNG imports.
However, talks between Russia and China have been slow-moving due to disagreements over key details such as price and supply levels. In January, Mongolian Prime Minister Luvsannamsrain Oyun-Erdene announced that construction would be delayed due to the lack of an agreement on these issues. And in June, it was reported that negotiations had reached a dead end.
**Economic Pressures May Be Forcing a Resolution**
According to Bloomberg, the current economic strains being felt by both Russia and China may be forcing them to settle their differences and move the project forward. Xi Jinping is one of 29 world leaders set to attend the Victory Day parade on May 7, and will be there to sign a number of bilateral documents to strengthen Chinese-Russian relations.
The completion of the Power of Siberia 2 pipeline would be a significant development for Russia and China’s energy cooperation. It would allow Moscow to maintain its influence in Europe even as Brussels moves towards greater independence from Russian gas imports. And it would also give Beijing access to cheaper LNG supplies, which could have implications for global energy markets.
**What Does This Mean for Global Energy Markets?**
If the Power of Siberia 2 pipeline is completed, it will be a major development for Russia and China’s energy cooperation. It will allow Moscow to maintain its influence in Europe even as Brussels moves towards greater independence from Russian gas imports. And it will also give Beijing access to cheaper LNG supplies, which could have implications for global energy markets.
The completion of the pipeline would also reflect a deeper strategic understanding between Russia and China, two nations that are increasingly aligned on key issues such as trade and security. It would be a significant step forward in their cooperation on energy matters, and could have far-reaching consequences for global energy markets.
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