Putin’s Ukraine invasion has made Russia China’s junior partner
At the SCO summit in Bishkek, Putin failed to secure Xi’s approval for the Power of Siberia-2 pipeline. China is demanding low gas prices and has alternative suppliers, while Russia lacks comparable options. The stalled project reinforces perceptions that Russia has become China’s junior partner.
Why it matters: In the energy theme, the stalled pipeline shows how Russia’s dependence on Chinese buyers has made it the junior partner.