Russian President Vladimir Putin reportedly arrived safely in Beijing late Tuesday night to begin a very important official visit.
The main mission of this visit is to strengthen close ties with Chinese leader Xi Jinping, in addition to reviving a long-stalled mega energy project.
One interesting thing in Wednesday's busy schedule was a joint tea session between Putin and Xi Jinping. Although it may seem casual, this session is actually considered one of the most critical agendas of this visit.
The two leaders are known to have a very close personal relationship and share the same goal, which is to challenge the global dominance of the United States (US).
Putin's visit also coincides with the 25th anniversary of the Treaty of Friendship and Cooperation between Russia and China, and follows right after Xi Jinping finished holding a summit with US President Donald Trump in Beijing last week.
Main Mission: ‘Power of Siberia 2’ Gas Pipeline Project
Russia and China are expected to sign around 40 cooperation documents, including a joint statement to further strengthen their strategic partnership. In addition to Xi Jinping, Putin is also scheduled to hold separate talks with Chinese Premier Li Qiang.
However, the main topic of focus will undoubtedly be the mega gas pipeline project, Power of Siberia 2.
Why is Russia so keen to conclude these negotiations now?
West Asia crisis: Russia sees the turmoil in global energy markets due to the conflict in Iran and the closure of the Strait of Hormuz as a golden opportunity.
Negotiation tactics: Moscow hopes that this global energy disruption will make China “softer” and more flexible in negotiating gas price contracts, which have previously been difficult to reach an agreement on.
What will be the impact on global markets?
The meeting of these two world giants will certainly have a major impact on geopolitics and global energy markets.
If Russia and China successfully conclude this mega gas deal, it will further strengthen their economic alliance, thus changing the landscape of the world's energy supply chain at a time when the Gulf region is in turmoil.
While the Western world is distracted by inflation and oil prices, Russia and China seem to be formulating their own long-term strategies. Let's take a look at the results of the meeting between these two superpowers.
