Putin's China Visit Fails to Secure Power of Siberia 2 Pipeline Deal

Russian President Vladimir Putin's 25th state visit to Beijing this week did not result in a final agreement for the long-delayed Power of Siberia 2 natural gas pipeline. Despite multiple agreements signed during the China-Russia summit, the pipeline project—which would deliver 50 billion cubic meters of natural gas annually via a 2,600-km route through Russia and Mongolia at an estimated cost of US$13.6 billion—remained unapproved. Russian Deputy Prime Minister Alexander Novak claimed some contracts are nearing "final agreement," but China has not confirmed. The delay persists even as geopolitical tensions in the Strait of Hormuz threaten energy shipments, with Middle Eastern imports—particularly from Qatar and the UAE—supplying about 30% of China's LNG imports last year, according to S&P Global Energy. Russia's vast reserves and land border with China present a strategic alternative, but geography and pricing disagreements continue to hinder progress.