Moscow is planning to expand energy exports to China in an effort to bolster economic and strategic ties, according to Russian deputy Prime Minister Arkady Dvorkovich.
The energy export plan comes at awkward time as China’s energy needs are cooling as its economy slows.
While predicting flat economic growth this year as a result of plunging oil prices and Western sanctions, Dvorkovich said Russia was looking to diversify its economy and diplomatic support.
Russia’s economy has been on a downward spiral since late 2014, when oil prices began to tumble.
Slumping energy prices along with Western sanctions induced by the Ukraine crisis have helped to bring Moscow closer to Beijing, the world’s largest energy consumer.
As China struggles with a slowing economy, Dvorkovich said his country had suffered “negative effects”.
But he said there was no truth to a recent Reuters report, citing sources close to Russian gas company Gazprom, that Moscow intends to scale down gas supplies to China through an expensive pipeline project due to waning demand.
