Moscow began selling gas to China through the Power of Siberia gas pipeline, 3,000 kilometers long, at the end of 2019. At the beginning of the war, the contract was extended by US$37.5 billion. Russia has strengthened its economic ties with China and other non-Western countries, particularly as new markets for its vital hydrocarbon exports.
Gazprom CEO Alexei Millersaid allowing payments in Russian rubles and Chinese yuan was “mutually beneficial” for both Gazprom and the China National Petroleum Corporation and that it would serve as an example for other companies to follow.
“It will simplify calculations, become an excellent example for other companies and give an additional boost to the development of our economies,” he said.
This week, Gazprom decided to cut off supplies to Europe, after having stopped it for three days due to a technical failure, they alleged. Kremlin spokesman Dmitry Peskovhighlighted this Monday in a conference that the “pumping problems appeared as a result of the sanctions of the western states. There is no other reason. It is these sanctions that have led to the situation we are experiencing now.”
For its part, the price of oil fell today despite the supply cuts announced by the OPEC this week, which will imply a reduction of 100,000 barrels per day.
Source: Ambito
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