Russia and China get friendly over trade and energy deals

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Russia and China get friendly over trade and energy deals

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Sino-Russian relations took on a warmer glow on Tuesday as President Vladimir Putin met with Chinese Premier Li Keqiang.

As relations with the West worsen namely over Ukraine, Russia is turning towards the east in a bid to secure business with China.

During his three day visit Li has signed energy, trade and finance agreements.

At Tuesday’s meeting President Putin pointed out that China is among the leading nations who invest in Russia’s economy.

In response the Chinese premier said the two neighbours were perfectly placed for developing joint projects. “With Russia being the largest county in the world by territory and China the largest by population, the two economies could complement each other,” Li said.

One of the most significant examples of Russia’s shift to the east as Putin tries to avoid isolation due to western sanctions is a huge gas deal.

Under a 30-year agreement , Russian state-owned energy giant Gazprom will supply 38 billion cubic meters of gas to China each year starting 2019. That is around 10% of all Gazprom’s sales.