Russia and China have signed a binding deal to move forward with the Power of Siberia 2 gas pipeline, a project that would send natural gas from western Siberia to China through Mongolia.

Gazprom CEO Alexey Miller announced the agreement with China’s CNPC during a summit where Presidents Vladimir Putin and Xi Jinping also pledged closer cooperation. The pipeline is seen as a key part of Moscow’s shift toward Asian markets after losing Europe as a major customer due to the war in Ukraine and EU sanctions.

However, crucial details such as pricing, financing, and construction timelines are still unresolved. Analysts warn that the project could take many years before becoming a reality—if it goes ahead at all.