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Russia Seeking to Increase Energy Exports to Asia in Wake of US, EU sanctions

Moscow is seeking greater energy cooperation with Asia in the wake of ongoing US, EU sanctions against it.

In the wake of the US and EU sanctions on Russia over its involvement in the ongoing Ukrainian crisis, Moscow is seeking greater energy cooperation with Asia. In an interview with The National Bureau of Asian Research (NBR), Tatiana Mitrova (Energy Research Institute, Russian Academy of Sciences) pointed out that Russia’s State Energy Strategy envisions an increase in the share of the country’s energy exports to the east to 26% – 27% by 2030.

In this regard, Putin’s visit to China on May 21, 2014 was regarded a ‘turning point’ for Russia’s broader export strategy. Its oil and gas giant Gazprom and China National Petroleum Corporation (CNPC) signed a 30 year ‘take or pay’ contract for Russian pipeline gas to China through the “Power of Siberia’ pipeline.

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