The Kremlin believes that Russia and China will achieve concrete results on the "Power of Siberia 2" project.
Negotiations surrounding the "Power of Siberia 2" gas pipeline have been ongoing for 20 years. In 2006, Gazprom signed a memorandum of understanding with China National Petroleum Corporation (CNPC) regarding this project. The approximately 2,600-kilometer pipeline is expected to originate from the Yamal Peninsula in northern Siberia—rich in natural gas—cross through Mongolia, and enter China. It is estimated to deliver nearly 50 billion cubic meters of natural gas to China annually, equivalent to about 12% of China’s total natural gas demand in 2025.
Energy exports are a vital economic pillar for Russia. Due to the Ukraine issue, Russia has faced sustained economic sanctions from Western countries such as the United States and Europe. Since late February 2022, the European market has effectively closed its doors to Russian oil. Furthermore, Russian gas exports to Europe will no longer be feasible starting in 2027. Therefore, establishing this third major gas pipeline to China has become increasingly critical for Russia.
In September 2025, China, Russia, and Mongolia formally signed a legally binding memorandum covering the construction of the "Power of Siberia 2" gas pipeline and the "Eastern Alliance" gas pipeline transiting Mongolia, marking another significant step forward for the project.
According to analyses by scholars from various sides, the main obstacle hindering further progress in negotiations lies in pricing.
Russian President's Press Secretary Peskov stated that Moscow believes Russia and China will achieve tangible outcomes on the "Power of Siberia 2" project in the near term.
Putin made an official visit to China on May 19–20. Journalists asked Peskov whether there had been any progress in implementing the "Power of Siberia 2" gas pipeline project between Russia and China.
Peskov told reporters: "Progress will be made. Both sides have reached consensus on many key details of the 'Power of Siberia 2' project, but the agreement has not yet been finalized. Some specific issues still require further negotiation. Relevant work will continue."
Peskov told reporters: "We believe we will achieve concrete results in the near future."
The 'Power of Siberia 2' project aims to transport natural gas from the West Siberian fields through Mongolia to China. The contract is expected to last for 30 years.
Source: sputniknews
Original article: toutiao.com/article/1865810400032968/
Disclaimer: This article represents the personal views of the author.