Russia Signs Long-Term Gas Deal With China

Despite years of talks and delays, China and Russia have finally signed a gas supply deal worth roughly $400 billion, Reuters reported. CEO of Russia’s Gazprom (MCX:GAZP), Alexei Miller, did not comment on the price that was agreed upon for gas supplies, according to the news outlet.

As quoted in the market news:

The long-awaited agreement is a political triumph for Russian President Vladimir Putin, who is courting partners in Asia as those in Europe and the United States seek to isolate him over Moscow’s annexation of Ukraine’s Crimea peninsula. Commercially, much depends on the price and other terms of the contract, which has been more than a decade in the making. China had the upper hand as talks entered the home stretch, aware of Putin’s face-off with the West.

Click here to read the full Reuters article.