Russian President Vladimir Putin arrived in Beijing on May 20, 2026, for a state visit with Chinese President Xi Jinping. The trip came just days after U.S. President Donald Trump wrapped up his own high-profile talks in the Chinese capital.
Xi described Putin as a “dear friend,” and both leaders signed a joint statement on “deepening good-neighborliness and friendly cooperation.” The summit produced around 40 agreements covering trade, AI, nuclear energy, and infrastructure. Putin called energy the “driving force” behind the relationship.
Power of Siberia 2 Still Unresolved
The main energy item on the agenda was the Power of Siberia 2 gas pipeline, a 2,600 km project meant to carry 50 bcm of Russian gas per year to China via Mongolia.
Despite years of talks, the two sides have not finalized pricing or investment terms. Putin’s aide Yuri Ushakov said agreements were reached on a “significant energy-related initiative,” but did not disclose details. Analysts say a final deal is still pending, and even if signed by late 2026, gas wouldn’t start flowing until 2030-2031.
China has shown interest in accelerating talks, especially after the disruption in the Strait of Hormuz raised concerns about Middle East energy supplies. But Beijing is in no rush. It has diversified with LNG from Qatar, Australia, and Central Asia, and is using its position to push for lower prices.
A Partnership Built on Sanctions
The “no limits” partnership between Moscow and Beijing has deepened since Western sanctions hit Russia over the war in Ukraine. In 2024, fossil fuels made up two-thirds of Russia’s exports to China, worth $85 billion. That trade has become critical for Russia’s budget and foreign currency earnings.
For China, Russian energy offers a cheaper, more secure alternative to seaborne imports from other regions. The war in Iran has only increased Beijing’s interest in overland supply routes.
Bottom Line
Putin’s Beijing visit reinforced the image of an “unyielding” China-Russia partnership and produced dozens of deals, but the headline project – Power of Siberia 2 – remains unfinished. The optics were strong, but the economics are still unresolved, with China holding most of the leverage.
