Russian President Vladimir Putin and Chinese leader Xi Jinping met in Beijing on May 20, 2026. The summit focused on advancing the proposed Power of Siberia-2 gas pipeline. This project would transport 50 billion cubic meters of Russian natural gas annually to China via Mongolia.
Moscow seeks new long-term buyers to replace gas volumes previously sold to Europe. Beijing aims to diversify energy imports and enhance security through overland routes. These routes reduce reliance on maritime LNG shipments vulnerable to Middle East conflicts.
China is leveraging its position to negotiate favorable pricing. Moscow is using energy security fears from the Iran conflict to promote the deal. Analysts report that Beijing remains cautious and will not sign without securing its terms.