CHINA TOPIX

04/19/2024 06:32:46 pm

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Russia Looks to China to Counter Energy Sanctions

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(Photo : Getty Images) In a move to counter energy sanctions levied against it by Western nations, Russia is calling for closer strategic energy cooperation with China.

In a move to counter energy sanctions levied against it by Western nations, the CEO of Russian gas giant Gazprom met with Chinese Vice Premier Zhang Gaoli in Beijing, where the two called for closer strategic energy cooperation between the neighbors.

Zhang met with Gazprom CEO Alexei Miller and called on Russia and China to implement consensus reached by the leaders of the two countries' bilateral energy cooperation. He urged China and Russa to expedite the construction of the China-Russia east-route natural gas pipeline, and ramp up negotiations on the western route.

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In particular, Zhang said that the two nations must cooperate on oil and gas projects and manufacture of advanced equipment. He added that they must also work together on integrated downstream and upstream projects based on the principles of sharing risks and rewards.

Russia is in desperate need to broker an energy deal as it becomes increasingly isolated from Western countries due to its actions in former Soviet republics.

Several counties, including the U.S. and major E.U. countries have levied sanctions against Russia for its annexation of Crimea in March 2014, and for its involvement in the fighting between nationalists and separatists in Eastern Ukraine, although the Kremlin denies any involvement in that conflict.

Last month, The Wall Street Journal reported that the U.S. and the EU will extend sanctions against Russia. This includes restrictions on cooperation with Russian defense and energy companies.

Miller, according to China state media, said Russia sees China as a long-term, and reliable energy partner, and hopes to expand bilateral energy cooperation including natural gas.

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