Russian President Vladimir Putin and Chinese leader Xi Jinping signed a series of agreements in Beijing aimed at deepening strategic and economic ties, as Moscow sought to turn the optics of the summit intotangible gainson energy cooperation amid turmoil in global oil and gas markets caused by the war in Iran.

But despite repeated pledges of friendship and strategic coordination, the May 20 state visit ended without any public breakthrough on thelong-delayed Power of Siberia-2 gas pipeline, the multibillion-dollar project Moscow sees as critical to redirecting gas exports from Europe to China after Russias full-scale invasion of Ukraine. Negotiations have repeatedly stalled over pricing, construction costs, supply volumes, and concerns in Beijing about becoming too dependent on Russian energy.

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Kremlin spokesman Dmitry Peskovtold reportersthat the basic parameters of understanding for the pipeline are in place, including its route and construction method. He did not offer further details and said there is no clear timeline for the megaproject as some nuances remain to be ironed out.

Russia needs the revenue from trade much more than China needs Russian energy specifically, Henrik Wachtmeister, a researcher at the Swedish Institute of International Affairs China center, told RFE/RL.

China And Russia Sign Deal To Build New Pipeline

The two leaders signed a joint statement on further strengthening comprehensive partnership and strategic interaction and another declaration promoting a multipolar world order, while also overseeing the signing of at least 20 additional agreements covering trade, technology, and broader cooperation.

The meeting came just four days after US President Donald Trump departed Beijing following his own summit with Xi, and the rhetoric from China and Russia adds to Xis efforts to position his country as a global diplomatic power.

The timing of this visit really played out well for Beijing, Temur Umarov, a fellow at the Carnegie Russia Eurasia Center in Berlin, told RFE/RL. China looks like the center of the world where the most important geopolitical meetings are taking place.

Strategic Strongholds

The absence of concrete progress on the pipeline underscored the central imbalance hanging over the relationship.

Russia has few alternative [energy] buyers and sells its oil at discounts due to sanctions, Wachtmeister said. China has multiple suppliers and is overall a much larger economy.

Speaking during a signing ceremony at the Great Hall of the People, Xi said China and Russia must remain strategic strongholds for each other and pledged deeper coordination in areas including artificial intelligence and technological innovation.

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China and Russia should also act as responsible great powers and oppose all unilateral bullying and actions that reverse history, Xi said.

Putin, speaking after Xi, said Russia was prepared to continue uninterrupted oil and gas supplies to China and described bilateral trade as insulated from external influence and instability in global markets.

The summit projected an image of a deepening political alignment between Beijing and Moscow at a moment when both governments are increasingly at odds with the West.

But the relationship has become markedly less balanced since Russia launched its full-scale invasion of Ukraine in 2022.