US media reported that Russian President Putin hopes to unlock the natural gas pipeline project during talks between the leaders of China and Russia.
Russia hopes that the turmoil in the energy market caused by the Middle East conflict will prompt China to demonstrate greater flexibility in contract price negotiations for the “Power of Siberia 2” natural gas pipeline project.
A Russian official stated that Chinese officials have expressed a willingness to expedite the negotiation process, but so far no substantive progress has been made.
Russian presidential aide Ushakov stated on Monday that the natural gas pipeline project has been included on the agenda, "We are committed to seriously discussing this matter," adding that he believes the two heads of state will hold in-depth discussions on the topic.
As economic pressure on Russia mounts, the country is heavily dependent on trade with China to mitigate the impact of Western sanctions over the Russia-Ukraine war. The possibility of war between the US and Iran may offer Russia an opportunity to rebalance its relationship with China, as China seeks greater energy security in the context of potential interruptions to energy transportation caused by the closure of the Strait of Hormuz.
Putin will arrive in Beijing late Tuesday and hold talks with Chinese President Xi Jinping on Wednesday. The documents Putin will sign during his visit to China involve deepening ties in the fields of industry, transportation, and nuclear energy.