“[Gazprom CEO] Alexey Miller and Chairman of CNPC Board of Directors Dai Houliang considered a wide range of areas of interaction between the companies,” the company said on Telegram. “Additional agreements were signed to a long-term gas purchase and sale agreement along the ‘eastern’ route — the Power of Siberia gas pipeline. In particular, a transition to settlements for gas supplies to China was fixed in the national currencies of the countries — rubles and yuan.”

“The new payment mechanism is a mutually beneficial, timely, reliable and practical solution. I believe that it will simplify the calculations, become an excellent example for other companies, and give an additional impetus to the development of our economies.” Miller said.

Gazprom signed a second long-term contract with CNPC in early February 2022 – for export via the Far Eastern route. The total volume of supplies according to it will grow to 48 billion cubic meters annually.