Putin: ‘Power of Siberia 2’ Gas Pipeline with China Profitable for Both Sides

 Russian President Vladimir Putin said on Friday that the planned Power of Siberia 2 gas pipeline to China would be mutually beneficial, adding that gas pricing under the project would follow a market-based formula similar to Russia’s supplies to Europe.

Moscow has long proposed the route, but the plan gained urgency after the Kremlin began shifting its energy strategy toward Beijing as Europe moved to cut reliance on Russian energy following the 2022 invasion of Ukraine.

During his visit to China earlier this week, Putin and Chinese leaders signed a binding memorandum to build the pipeline. Russian energy giant Gazprom, which aims to begin deliveries by 2030, confirmed that pricing details are still under negotiation.

Speaking at the Eastern Economic Forum in Vladivostok, Putin called the project “one of the largest energy initiatives in the world,” emphasizing that prices would be “entirely market-based, using a formula very similar to that applied in Europe.”

The pipeline is expected to run through Mongolia, whose Prime Minister, Zandanshatar Gombojav, said during the same event that Ulaanbaatar was ready to move forward, though some technical and logistical details remain unresolved.