Putin Returns from China Without Signing Siberia Gas Pipeline Deal

[Financial News] British Broadcasting Corporation (BBC) reported on the 20th that Russian President Vladimir Putin returned home after wrapping up his visit to China without securing the gas pipeline agreement he had wanted.
The broadcaster said Putin, who has met Xi Jinping more than 40 times and is long regarded as a close friend, showed that even friendship has limits when it comes to geopolitical issues.
Russia had hoped to offset its losses in the European market by pushing ahead with the Power of Siberia 2 Gas Pipeline, which would run from western Siberia through Mongolia to northern China.
Russia and China signed a memorandum of understanding last year for the pipeline construction project.
However, BBC reported that China did not appear eager to rush into signing and, in particular, did not want to become overly dependent on Russian fossil fuels.
BBC also noted that Russian state media reported the two countries' interests do not always align.
It added that Russian government officials would likely be disappointed that the pipeline deal was not signed, but would not be surprised.

jjyoon@fnnews.com Yoon Jae-joon Reporter