Russia and China have signed several key agreements on the strengthening of partnership with focus on enhanced cooperation in the energy sector.
The deals and announcements made during Russian President Dmitry Medvedev's tour of China reflected a significant development that the two countries are getting closer on political and economic fronts.
A joint statement by Medvedev and his Chinese counterpart Hu Jintao in Beijing on the 65th anniversary of the end of World War II says that China and Russia agreed to "comprehensively deepen their strategic partnership of coordination."
"China and Russia will maintain international peace and stability and promote the overall recovery, health and stable development of the world economy," Hu said at a joint press conference after the talks.
Medvedev told reporters that their talks had "injected new momentum" in Russia-China relations. He pledged strategic cooperation with Beijing to "adapt to the evolving international situation."
The two leaders also announced that construction of a major oil pipeline that guaranteed Russian oil supplies to China for 20 years was complete.
Under a loan-for-oil contract singed in February 2009, China National Petroleum Corporation (CNPC) opened a $25 billion credit line to Russian companies -- Rosneft and Transneft -- for the supply of oil until 2030.
It has been agreed that 15 million tons of oil will flow southward through the oil pipeline stretching from Skovorodino in eastern Siberia through Mohe on the border to Daqing in north-east China, making Russia China's third major crude oil supplier after Saudi Arabia and Angola. China is currently importing Russian oil through rail route.
When the pipeline becomes operational next month, approximately 300,000 barrels of oil is expected to flow through it every day.
While Medvedev said the project strengthened "our strategic partnership and interaction," Hu described it as "a new benchmark in energy cooperation" between the world's top oil producer and one of the major consumers.
The pipeline is a major step in Russia's drive to find new avenues for its energy exports besides Europe, its traditional market.
The 4,000-kilometer East Siberia-Pacific Ocean (VSTO) pipeline is a strategic project that enables Russia to enter new markets in the Asia-Pacific region.
It is designed to pump up to 1.6 million barrels (220,000 tons) of crude a day from Siberia to Russia's far east and then on to China and the Asia-Pacific region.
Key agreements are extending the terms of Russian gas supply to China and strategic cooperation between Russia's State Atomic Corporation, Rosatom, and China's Nuclear Energy Industry Corporation in the field of use of nuclear energy for peaceful purposes.
A deal signed by Gazprom President Alexei Miller and Chinese National Petroleum Corporation President Jiang Zemin on the sidelines of the presidential talks "agreed all the main parameters except price," said Russia's Energy Minister Sergei Shmatko.
The two governments also agreed on cooperation in the fight against terrorism, separatism and extremism.
Medvedev embarked on the China tour hoping to "open up a new horizon" for cooperation between the two countries, especially in the energy sector.
Having a major stake in China's energy demand is seen as a political advantage for Russia, as it will add to common ground they share on issues, including security co-operation in central Asia, the establishment of a global reserve currency to replace the American dollar, and reform of international financial institutions.
The two countries, engaged in major joint military exercises for the last five years, also stepped up bilateral trade that grew to almost $60 billion, 12 times within eight years.
Aimed at settling bilateral trade in national currencies, Russia is set to start trading in Chinese Yuan against Ruble by December.
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April 24, 2026 15:15 ET Economics news flow was relatively light this week even as the conflict in the Middle East continued, raising concerns for policymakers. In the U.S., spending data, initial jobless claims and pending home sales were the highlights. Business confidence in the biggest euro area economy was in focus in Europe. Inflation data from Japan gained attention in Asia.