Putin Leaves Beijing With Deals but No Pipeline Win
Russian President Vladimir Putin departed Beijing this week without the energy deal his government had signaled was imminent, CNBC reported Thursday, exposing the uneven footing beneath a relationship both leaders publicly describe as historic.
The Pipeline Impasse Embarrasses Moscow
The Power of Siberia 2 pipeline was billed by Russian officials as a centrepiece of the summit. The project would carry up to 50 billion cubic metres of natural gas annually from Russia through Mongolia into China. No deal materialised. Kremlin spokesman Dmitry Peskov acknowledged that key parameters had been agreed but said unresolved details remained, with no timeline offered. Chinese President Xi Jinping called energy cooperation the “ballast stone” of bilateral relations yet pointedly omitted any reference to the pipeline project. Lyle Morris, senior fellow at Asia Society Policy Institute, told CNBC the outcome was a clear humiliation for Putin. Moscow had lost significant leverage after European buyers largely cut Russian gas flows following the 2022 Ukraine invasion. Beijing, for its part, remains cautious about over-reliance on a single energy supplier.
Background: A Binding Memo That Went Nowhere
The two governments had already signed a legally binding memorandum in September 2025 to advance Power of Siberia 2 construction. Talks subsequently broke down over pricing, financing and delivery terms. The existing Power of Siberia 1 system currently delivers roughly 38 billion cubic metres of gas to China each year. Russia has compensated for European losses partly by ramping up oil shipments to China after Strait of Hormuz disruptions curbed flows from Gulf producers. China remains Russia’s largest trading partner, though Moscow represents only around 4% of Beijing’s total trade volume.
Deals Signed, Alliances Declared
Despite the pipeline failure, the two sides formalised more than 40 agreements spanning trade, education, technology and nuclear security. Both leaders described bilateral relations as reaching their highest point in history. Military cooperation was also extended, with commitments to expand joint exercises, air patrols and maritime operations. Moscow reaffirmed its backing for Beijing’s One China position on Taiwan. On Ukraine, China restated support for a diplomatic resolution while endorsing Russia’s sovereignty claims. In a thinly veiled dig at Washington, both governments condemned military strikes on third-party nations and attempts to destabilise foreign political systems.
The summit followed a visit to Beijing by US President Donald Trump, with analysts noting China offered both leaders a near-identical ceremonial welcome.
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