Russian President Vladimir Putin is scheduled for arrival in Beijing on Tuesday, where he will engage in high-stakes talks with Chinese President Xi Jinping this week.
This visit follows Trump’s trip to China from May 13-15, during which both leaders discussed various issues including Taiwan, trade, and the Iran conflict. The international community has also taken notice of the nature of these talks and potential deals between Putin and Xi.
As reported by Bloomberg, Putin aims to strengthen strategically important relations with China, leading to a significant increase in Russia’s energy exports to China. The discussions will also focus on initiating the long-delayed Power of Serbia 2 gas pipeline project amid global energy turmoil driven by conflict in the Middle East.
The Kremlin announced that Russian President and Chinese leader Xi Jinping will engage in “serious” and “detailed” talks regarding the Power of Siberia 2 gas pipeline. This proposed 50 billion cubic meter-per year project is designed to transport gas from Russian fields, which previously supplied European markets, eastward to China.
Russian officials believe this is the right time for the deal due to global energy markets being on edge over the persistent closure of Strait of Hormuz, marked by surging oil prices. The discussion surrounding the pipeline has been delayed for years over pricing issues and contract terms.
Kremlin foreign policy aide Yuri Ushakov told reporters ahead of the summit that “the gas pipeline project is ‘on the agenda,’ and we’re committed to discussing it seriously.” He added that China is in a very advantageous position because Russia is forced to turn to it repeatedly, emphasizing its indispensable role as a reliable supplier of energy resources.