Russia‑China summit stalls Power of Siberia 2 gas pipeline despite new accords

Russian President Vladimir Putin and Chinese President Xi Jin‑ping met in Beijing and signed a slate of agreements aimed at deepening strategic and economic ties. Both leaders hailed the partnership, but the talks produced no concrete breakthrough on the long‑delayed Power of Siberia 2 gas pipeline, a $20‑25 billion project intended to ship up to 50 billion cubic metres of Russian gas to China each year.

Negotiations have been stalled by a clash of interests: China objects to low‑price gas and is reluctant to commit to a “take‑or‑pay” clause, while Russia urgently seeks the pipeline to divert revenue from dwindling European sales after sanctions. Kremlin spokesman Dmitry Peskov said “basic parameters of the agreement” on the pipeline are set, yet no timetable has been defined. Analysts note that even if completed, the pipeline’s financial returns would be modest because Chinese gas prices are 30‑40 % below those earned from Europe.

The impasse highlights the growing asymmetry in the Russia‑China relationship, with Moscow increasingly dependent on Beijing for trade, technology and financing, while Beijing balances its energy security concerns against diversification of suppliers.