Putin handed energy lifeline as Xi vows to ‘join hands with Russia’ in new show of support
The European Commission this week proposed a cap of no more than $62 (£51.7) per barrel of Russian crude, down from its original suggestion of a cap between $65 and $70.
However, the three EU countries have argued since that figure is similar to the price that Russian oil is currently being traded at, it would not have a significant impact on Moscow’s oil revenues.
Over the past few years, Russia has been ramping up exports of gas to China, as Gazprom exported 4.1 billion cubic metres of gas to China in 2020, rising to around 11 bcm in 2021 and expected to reach 22 bcm in 2023.
Last month, Gazprom, Moscow’s state-backed energy giant, announced that has begun testing a key supply hub that could reroute energy from Europe, allowing China to buy even more Russian gas.
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Article source: https://www.express.co.uk/news/science/1703639/putin-news-energy-lifeline-xi-jinping-china-russia-join-hands-ukraine-war