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At the recent Shanghai Cooperation Organization summit, China and Russia signed a memorandum for the Power of Siberia 2 gas pipeline, marking a significant step in their energy partnership. While the agreement boosts Russia's geopolitical stance, it lacks firm commitments from Beijing and introduces uncertainties regarding pricing and construction.

The memorandum allows China to maintain leverage while delaying more substantial obligations, reflecting its cautious approach to energy imports. The implications for global gas markets are substantial, potentially reshaping supply dynamics amid evolving geopolitical tensions.