Russia has signed a $400bn deal to supply gas to China for 30 years. Chairman of Russian state giant Gazprom Alexey Miller was reported as saying the deal was a black moment for Europe. He told the St Petersburg Economic Forum: “The global competition for Russian gas resources has started. We have untapped the Asian market and this is going to have an impact on European gas prices.”

Meanwhile the construction of a new railway bridge between Russia and China will begin in the next few months with completion targeted for 2016. The bridge will cross the Amur River and will shorten the journey between the two countries by 700km. It will also facilitate a new export corridor for gas and oil fields being developed in Siberia. 

Also this week Russia has engaged two Chinese firms to expand Moscow’s subway. Developer Mosinzhproekt signed a deal in Beijing with China Railway Construction Corporation and China International Fund to build a 15km south western metro line.