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The FT has learned what Putin asked Xi Jinping at the meeting: there were three points

Washington accuses Beijing of supporting the Russian military-industrial base. Source: Russian propaganda

Kremlin dictator Vladimir Putin discussed three key issues at his meeting with Chinese President Xi Jinping. These included the Power of Siberia 2 agreement, the refusal to participate in a conference organized by Ukraine in Geneva, and the expansion of Chinese banks in Russia.

However, negotiations on the gas pipeline are stuck because of China's price demands. This was reported by the Financial Times.

Moscow believes that Beijing's demands on price and supply volumes are unreasonable. According to the British newspaper, China wants to receive gas at prices close to Russian domestic prices, which are heavily subsidized. In addition, China wants to buy only a part of the planned capacity of the pipeline, which is 50 billion cubic meters of gas per year.

The FT's sources pointed out that Gazprom CEO Alexei Miller was not part of the Russian delegation during Putin's visit to Beijing. According to the newspaper, in an unpublished report by a major Russian bank, the Power of Siberia-2 was excluded from the baseline forecast for Gazprom, which led to a decrease in the company's expected profit by almost 15% in 2029, when the bank forecasts that the pipeline should start operating.

The FT also reports that China and Russia are discussing the possibility of financing trade in components for the Russian defense industry with the participation of one or more Chinese banks, which could trigger US sanctions.

Washington accuses Beijing of supporting Russia's military-industrial base through the supply of machine tools, semiconductors, and other dual-use goods. China denies these accusations, calling its trade relations with Russia "normal."

In addition, the FT notes that on May 31, China announced that it would skip the Ukraine summit in Geneva. According to the newspaper, the deal on the Siberian Power-2 remains uncertain, and the proposed cooperation with Chinese banks will be less than Russia expected.

The Kremlin and Chinese authorities did not respond to the FT's requests for comment, and Gazprom declined to comment.

As reported by OBOZ.UA, NATO Secretary General Jens Stoltenberg expressed concern about China's support for Russia's actions in the war against Ukraine. At the same time, he warned that such a position could result in Beijing losing cooperation with Western countries.

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