China And Russia Sign 30 Year Gas Deal

Chinese President Xi Jinping and Russian President Vladimir Putin attend an agreement signing ceremony in Shanghai today. China and Russia signed today a monumental, multi-decade gas supply contract in Shanghai, Chinese state energy giant CNPC said, with reports saying it could be worth as much as $400 billion. (Alexey Druzhinin/AFP/Getty Images)

After 10 years of negotiations, China and Russia have made a major deal to import natural gas from Russia to China by pipeline.

The gas will be sent through a new eastern pipeline that has yet to be built.

As Joe Weisenthal, executive editor at Business Insider tells Here & Now’s Jeremy Hobson, this is a big deal for Russia, given European sanctions over its intervention in Ukraine.

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