Russia and China: Strengthening Energy Ties Amid Global Sanctions

Russia is looking to boost oil exports to China and expand cooperation on LNG supplies, as discussed by Deputy Prime Minister Alexander Novak in Beijing. Despite sanctions from the U.S., Russia's energy exports to China have been steady, with future prospects for increased trade via pipeline and sea routes.

In a move to deepen energy ties with China, Russian Deputy Prime Minister Alexander Novak has announced plans to increase oil exports and liquefied natural gas (LNG) supplies to the Asian giant. Speaking at a Sino-Russian business forum in Beijing, Novak emphasized the potential for expanding trade through both pipeline and sea routes.

Since the onset of Russia's military intervention in Ukraine, China, alongside India, has emerged as a primary buyer of Russian oil. Last month, the United States imposed sanctions on Russia's largest oil producers, Rosneft and Lukoil, a move dismissed by Russian President Vladimir Putin as minimally impactful. Despite these sanctions, Russian crude exports have remained stable.

Amidst these geopolitical tensions, cooperation between Russia and China flourishes, with discussions extending potential oil supply agreements until 2033. The energy partnership, which involves significant LNG cooperation, navigates through U.S. restrictions, as evidenced by China receiving its first sanctioned LNG cargo in August, ahead of talks between Putin and Chinese President Xi Jinping.

(With inputs from agencies.)