Moscow, 21 March 2023 (dpa/MIA) - President Vladimir Putin assured Chinese leader Xi Jinping on Tuesday of a reliable supply of Russian oil and gas in the long term and said a new pipeline between the countries is in the works.

This follows Russia being shut out of much of the European energy market after the invasion of Ukraine in February of last year. Russia has subsequently emphasized trade with Asia.

By 2030, gas supplies to China should rise to almost 100 billion cubic metres per year, Putin said after negotiations with Xi and his entourage.

In addition, 100 million tonnes of liquefied natural gas would be supplied, as well as coal and other energy sources. China will receive the energy at a discount.

According to Putin, the trade volume between China and Russia reached a record last year with almost $190 billion. It is expected to rise to more than $200 billion this year.

Despite the pressure from Western sanctions against Russia, trade is increasing, Putin stressed.

He also informed that practically all the prerequisites were in place for a new Russia-China gas pipeline via Mongolia. In the future, 50 billion cubic metres of gas are to flow through it.

Putin said that Russia was ready to supply agricultural products to China.

According to Putin, payments for goods in the Chinese currency yuan and in roubles are also to be expanded. Countries in Africa, Asia and Latin America are also increasingly willing to do this. Russia is pursuing this strategy to weaken the US dollar as an international currency.