Columbia Energy Exchange

Before it invaded Ukraine, Russia was Europe's single largest supplier of imported natural gas. But now that the European Union is considering an outright ban on all Russian gas by the end of 2027, Russia is pivoting to Asia, courting China as both a crucial new market for its gas and an important geostrategic ally. When Russian President Vladimir Putin traveled to China at the end of August, the visit produced a series of cooperation agreements. Among them: a deal between Gazprom and the China National Petroleum Corporation to advance the long-discussed Power of Siberia 2 pipeline, a massive project that, if completed, could send 50 billion cubic meters of Russian natural gas to China each year. But the announcement is short on many details, including pricing, financing, and a timeline. So what — beyond symbolism — does this deal actually deliver for both Russia and China in the short term? What prompted China to sign the agreement after years of delays? And what does it tell us about China's efforts to dive