Russian President Vladimir Putin is set to arrive in Beijing on Tuesday and hold high-stakes talks with Chinese President Xi Jinping this week.
The high-profile visit comes following Trump’s trip to China on May 13-15 in which both leaders discussed various issues ranging from Taiwan, trade, and Iran conflict.
The visit has also drawn the attention of the international community, wondering the nature of talks and deals between Putin and Xi.
As reported by Bloomberg, President Putin is hoping to boost strategically important relations with China, leading to significant increase in Russia’s energy exports to China.
The talks will also aim on initiating the long-delayed Power of Serbia 2 gas pipeline project in the midst of 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” discussions 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.
As per Russian officials, this is the right time to get this deal done as the global energy markets have been on edge over the persistent closure of Strait of Hormuz, marked by surging oil prices.
The discussion surrounding the pipeline, transporting Russian gas from Siberia to China through Magnolia, has been delayed for years over pricing issues and contract terms.
The gas pipeline project is “on the agenda, and we’re committed to discussing it seriously,” Kremlin foreign policy aide Yuri Ushakov told reporters ahead of the summit.
He continued, “Against the backdrop of the crisis in the Middle East, Russia retains the role of a reliable supplier of energy resources, and China a responsible consumer. “
“China is in a very advantageous position because Russia is forced to turn to it over and over again. It’s something indispensable,” he added.
