Overview

• Ship-tracking data show a sanctioned Russian tanker arrived at China’s Beihai terminal on September 9, delivering at least a third cargo from the Arctic LNG 2 project.
• Gazprom announced a “legally binding memorandum” with CNPC for the Power of Siberia 2 pipeline to supply 50 bcm a year via Mongolia, though China has not confirmed the deal and key details such as pricing and financing were not disclosed.
• Energy specialists say the memorandum lacks essential commercial terms and note that China’s immediate gas needs are limited, tempering expectations for rapid progress.
• The United States has threatened tariffs of up to 100% on buyers of Russian gas, with India already hit by a 50% rate, and large Chinese banks have curtailed some Russia-related transactions over secondary-sanctions fears.
• Europe remains the biggest buyer of Russian LNG at roughly 50%, compared with about 21% for China, highlighting a still-evolving trade shift despite the latest Chinese purchases.