Xi’s Master Plan Set to Shame Putin as China’s “Leverage” on Russia Exposed | Sciences | New

Russia program chairman in the Asia-Pacific program at Carnegie Moscow Center, Alexander Gabuev, warned that Russia’s plan to sell gas to China from the same fields it uses to export gas to China. Europe could have dire consequences. He said it could expose crack if the reliance on the Chinese market becomes too one-sided.

It comes as Russia skyrocketed European gas prices after cutting gas supplies passing through its extensive pipeline network.

But a weakness in Russia’s energy conspiracy appears to be forming after approval of their new Nord Stream 2 pipeline was suspended by German regulators.

Now, to avoid further EU efforts to reduce Russia’s grip on the energy market, Moscow would look to China as a trading partner to capitalize on its large gas reserves.

Gazprom, Russia’s state-owned gas company, recently announced that an agreement for a gas pipeline from Siberia to China is about to be finalized.

Gazprom said the project, dubbed Power of Siberia, is expected to be signed early next year.

But it also comes from the fact that China itself has energy problems.

Soaring prices due to a reopening of the economy that saw energy demand increase, along with President Xi Jinping’s energy restrictions to meet climate goals, have seen an energy crisis emerge that has forced energy cuts. electricity and electricity rationing is ravaging the country.

And while it may be a chance for Moscow to take advantage of it, Russia could become increasingly dependent on China as a consumer of its gas pipeline as Europe phase out gas.

Mr Gabuev wrote for the Financial Times: “If one day, for example, Beijing wants Russia to stop arming India and Vietnam, how will Moscow refuse if the Chinese market is the main source of income filling the coffers of the Kremlin?

And China, for its part, is starting to diversify its sources of energy imports, which Gabuev says will give it the upper hand.

He wrote: “China has diversified its sources of importing hydrocarbons, and it will be able to take advantage of market access in order to obtain trade and political concessions, as it is already doing with the Australia and other countries.

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But countries are starting to turn to renewables to meet climate targets on time, Russia may only remain China as a trading partner for gas.

Chinese President Xi Jinping and Mr Putin both missed the crucial COP26 climate summit in Glasgow, where major commitments to reduce emissions were agreed.

But China has confirmed it will peak in emissions before 2030, with a plan to reach net zero by 2060, 10 years later than UK and EU targets.

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