Moscow Summit: Russia and China Agree on Gas, Oil, and Yuan Deals

Russian President Vladimir Putin and Chinese President Xi Jinping signed a joint statement on deepening relations following talks today at the Grand Kremlin Palace in the Russian capital.

Trade and economic cooperation is a priority between Moscow and Beijing, in connection with which a plan was signed to develop economic cooperation in the main areas between the two countries until 2030.

According to the President of Russia, the signed documents fully reflect the level of relations between Russia and China, which is at the highest level in history. Putin stressed that the two countries have strong and strategic relations.

Putin called for an increase in trade settlements between the two countries in national currencies, and also noted that the Chinese currency, the yuan, should be used in trade between Asia and Latin America.

“We are for the use of the Chinese yuan in settlements between Russia and the countries of Asia, Africa and Latin America. I am sure that this type of settlement (in Chinese yuan) will be developed between Russia and third countries,” the Russian president said.

He added that two-thirds of the volume of trade between Russia and China is currently carried out in rubles and yuan, and it is expected that by the end of this year, the volume of trade between the two countries will exceed $200 billion. The President of Russia pointed out that the documents signed today with China are aimed at doubling the volume of trade with it.

In turn, the PRC chairman expressed readiness, together with the Russian president, to outline a plan aimed at developing bilateral relations and strengthening coordination between the two countries. He pointed out that Russia and China will strengthen cooperation within the framework of the Shanghai Cooperation Organization, BRICS and the G20.


The energy dossier drew much attention from the presidents of the two countries, and President Putin said: “Russia is a strategic supplier of energy resources, including oil, natural gas, coal and electricity, to China. Nuclear power facilities are being built. Russian business is able to meet the growing energy needs of the Chinese economy , whether within ongoing projects or those currently in the process of being negotiated.

The President of Russia reaffirmed his country’s readiness to supply oil and gas to China uninterruptedly in accordance with the concluded contracts, as well as its readiness to provide additional volumes of these two materials.

Putin also pointed out that the Russian-Chinese talks discussed in detail the Power of Siberia-2 project (a pipeline for pumping gas from Russia to China through Mongolia). deliveries from Russia.

Replacement of Western companies withdrawn from Russia

President Putin also expressed his country’s willingness to support Chinese businesses in replacing Western companies that have withdrawn from Russia, and indicated that Russia is looking forward to increasing food exports to the Chinese market, saying: “There is room for a significant increase in meat supplies. and grain.”

Regarding the northern navigation corridor, the Russian president stated that “Russia and China will establish a working body on this project … the two countries have the potential for cooperation (in this area).”

Putin also emphasized that Russia and China can become leaders in the field of artificial intelligence and information development through their cooperation, and said: “We propose to follow the path of improving the strategic industrial partnership. By combining our rich scientific potential and manufacturing capabilities, Russia and China can become a world leader in information technology, network security and artificial intelligence.

Source: RT

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