By 2018 China will be Russian energy’s biggest customer, along with huge trade volume between the two states. So it makes sense for Russia to take advantage of the China’s Union Pay system, Chinese expert, Andrew Leung, told RT.
The discovery of large hydrocarbon deposits in the Arctic has sparked international competition over resources in frozen waters. Regional powers are quickly filing claims for the sea shelf, with Russia preparing to bring in the biggest bid to the UN.
It is ridiculous of Ukraine to accuse Russia of using the gas weapon because the Russians are simply charging normal market prices, Srdja Trifkovic, Foreign Affairs editor at ‘Chronicles’ magazine, told RT.
The Chinese economy continues to cool, and the World Bank has lowered its 2014 forecast to 7.6 percent growth, down from an earlier 7.7 percent. The global recovery remains shaky as 2014 kicks off with a “bumpy start”.
The idea of reverse gas flow from Europe to Ukraine raises lots of questions, says Gazprom CEO Aleksey Miller, as the physical reverse flow is hardly possible and a virtual one questions the legality of the reverse flow itself.
Russia’s state-owned gas major Gazprom announced a new price for gas exports to Ukraine of $385.50 per 1,000 cubic meters as of April 1, 2014. The price increased by $117 after Gazprom cancelled its discount agreed in December.
Western sanctions might push Russia to deepen cooperation with BRICS states, in particular, to strengthen its ties with China, which will possibly turn out to be a big catastrophe for the US and the EU some time later.