The agreement includes a new Power of Siberia 2 pipeline via Mongolia. Putin commented, "We were just discussing a good project, the new Power of Siberia 2 pipeline via Mongolia. Practically all the parameters of that agreement have been finalized."
This is part of a larger trend of growing ties between the two countries. Beijing became very friendly with Russia in the past year despite the International Criminal Court's recent warrant for Putin's arrest for war crimes in Ukraine.
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At the meeting, Putin accused the Western world of "persistently working to split the common Eurasian space into a network of ‘exclusive clubs’ and military blocs," in an effort to contain Russia and China's development. He insisted, "This won’t work."
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The exact details of Russia and China's economic agreement are currently unclear. However, Putin and Xi have expressed their shared commitment to preserving energy security in the region, and their mutual friendship indicates the two countries' shared desire to work together.