As Russia faces Western sanctions, China seeks to deepen Sino-Russian economic ties by boosting trade and switching to deal-settlement in their own currencies.
Chinese media columnists say Russia and China have already strengthened their relations – by giving a green light to a natural gas project called the Far Eastern route. They add that China would also sell more autos to Russia.
On January 31, the Chinese and Russian governments signed an agreement to start construction of the Far Eastern route, which will transport 10 billion cubic meters of natural gas from Russia to China annually.
The gas supply contract was signed by China National Petroleum Corp (CNPC) and Russia’s Gazprom in February last year. It will be settled in renminbi and rubles.
Last year, China obtained 15.5 billion cubic meters of Russia’s gas via the Power of Siberia route, almost half again the 10.4 billion cubic meters it received in 2021. Import volume via that route is expected to reach 38 billion cubic meters by 2025.