Putin Says Russia Nears Major Gas and Oil Agreement With China

Russia is moving closer to a major energy agreement with China as President Vladimir Putin said negotiations over a “serious” oil and gas deal are nearing completion. The proposed agreement centers on the Power of Siberia 2 pipeline, a long-discussed project expected to strengthen energy ties between the two countries.

The pipeline would run nearly 2,600 kilometers from Russia’s Yamal Peninsula through Mongolia and into northern China. If completed, it could transport up to 50 billion cubic meters of natural gas annually over a 30-year period, with deliveries expected to begin around 2030.

Russia China Energy Partnership Gains Strategic Importance

Reports suggest a legally binding agreement was signed in September 2025 during talks between Vladimir Putin and Xi Jinping, though pricing and timelines still require Chinese approval.

The project could redirect nearly 30% of Russian gas exports once aimed at Europe, while China may receive over 100 billion cubic meters annually after 2030, meeting a major share of its future gas demand.