🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Putin arrives in Beijing for Winter Olympics with gas supply deal for China

Published 04/02/2022, 08:29 pm
Updated 04/02/2022, 08:38 pm

BEIJING (Reuters) - Russian President Vladimir Putin touched down in Beijing for the 2022 Winter Olympics on Friday, bringing with him a deal to increase natural gas supply to China amid rising tensions with the West.

Putin told Chinese President Xi Jinping in Beijing that Russia had prepared a new deal to supply China with an additional 10 billion cubic metres of natural gas, according to a broadcast of their talks aired in Moscow.

Russia, one of the global leaders in hydrocarbon supplies, has been strengthening its ties with China, the world's top energy consumer against the backdrop of Moscow's standoff with the West over Ukraine and other issues.

Chinese state television CCTV said Putin had arrived in the Chinese capital, noting that he had, like China, expressed opposition to the "politicization" of the Games.

CCTV footage showed a jet flying with the Russian and Chinese flags. Next to it were jets with Mongolian and Serbian flags. Serbian president Aleksandar Vucic and Prime Minister L. Oyun-Erdene, of Mongolia, are expected to attend the opening ceremony later on Friday.

Earlier, state media reported that Qatar's Emir Sheikh Tamim bin Hamad Al Thani and the United Arab Emirates' Crown Prince Sheikh Mohamed bin Zayed Al Nahyan had also touched down.

The United States and some of its allies have announced a diplomatic boycott of the Games in protest at China's human rights record. China denies any abuses.

Putin and Xi were expected to have lunch together on Friday, and could sign more than 15 agreements, according to the Kremlin, with new deals being prepared in relation to natural gas.

The Olympics, already transformed by the coronavirus pandemic and to be held within a strictly closed loop, have also been overshadowed by the threat of a Russian invasion of Ukraine.

Russia and China coordinated their positions on Ukraine during a meeting between their foreign ministers, Wang Yi and Sergei Lavrov, in Beijing on Thursday, the Chinese foreign ministry said.

In response, the United States warned Chinese firms that they would face consequences if they sought to evade export controls imposed in Moscow in the event of Russia invading Ukraine.

"We have an array of tools that we can deploy if we see foreign companies, including those in China, doing their best to backfill U.S. export control actions, to evade them, to get around them," U.S. State Department spokesman Ned Price told a regular news briefing.

© Reuters. Russian President Vladimir Putin attends a meeting with Chinese President Xi Jinping in Beijing, China February 4, 2022. Sputnik/Aleksey Druzhinin/Kremlin via REUTERS

Before Lavrov, Beijing had not received foreign political guests for almost two years as it tried to keep the coronavirus out.

Thousands of Russian troops have massed near the border of Ukraine, raising fears of an invasion, which Russia denies planning. Russia has asked NATO to bar Ukraine from joining and to pull out of eastern Europe.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.