Moscow is ready to assist Chinese companies in replacing Western firms that have left Russia due to the conflict in Ukraine, Russian President Vladimir Putin told Chinese leader Xi Jinping during a meeting in the Kremlin on Tuesday.
On the second day of Xi’s visit to Moscow, Putin stated that they also discussed the proposed Power of Siberia 2 pipeline, which would transport Russian gas to China.
Russia introduced the project several years ago, but it has now been revitalized as Russia turns to China, which would replace Europe as a strategic buyer. – I am confident that our comprehensive cooperation will develop for the benefit of both peoples – Putin told Xi, adding that Russia is a “strategic” supplier of oil, gas, and coal to China.
Xi stated that the two countries should expand their brilliant “practical cooperation”. – The first fruits of our cooperation, which continues to develop, are already visible – Xi told Putin, according to footage from cable television in Hong Kong.
Russian Gazprom is already supplying gas to China via the Power of Siberia pipeline based on a 30-year contract worth $400 billion from 2019. The pipeline is approximately 3,000 kilometers long.
However, exports to China are only a small fraction compared to the record 177 billion cubic meters of gas delivered to Europe in 2018 and 2019. Since the outbreak of the war in Ukraine in February 2022, deliveries to Europe have drastically decreased to 62 billion in 2022. Putin announced that Russia will supply China with at least 98 billion cubic meters of gas by 2030.
The Russian and Chinese presidents are expected to discuss the Ukrainian crisis in detail later on Tuesday, after Putin provided Xi with some “clarifications” in the first round of talks on Monday.
