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Russia and China agree $400bn gas deal

Russia’s $400bn gas deal with China will have ramifications across the world

In the end, China was wise to wait. Almost two decades in the making, the $400 billion gas supply deal it signed with Russia during president Vladimir Putin’s visit to Shanghai on 21 May brings the world’s biggest energy exporter into the heart of the Chinese economy – at the price Beijing wanted to pay. China needs Russia’s gas. But Russia needed China’s market more. The Ukraine crisis, and Russia’s latest fall-out with the West – followed by renewed discussions in European capitals about how to wean the continent off Gazprom’s gas – weakened Putin’s negotiating position in Shanghai. China pounced. The details of the deal are still vague. The headline $400bn for supplies of 38bn cubic met

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