Russia's pivot east: the growth in energy trade with China
Russia is shifting its outlook east and engaging with China on a range of huge deals that could see energy trade quadruple by 2025. Agreements for oil, coal and power supply have been completed. A gas deal has proved more difficult, but negotiations continue and we expect an agreement within two years. Keen to secure the large volumes of energy that Russia can provide, China is providing finance to underpin much of the infrastructure cost. Russia has been reluctant to offer direct equity...