The recent summit between Xi Jinping and Vladimir Putin revealed growing imbalances in the Russia-China energy relationship. Russia's oil and gas exports to China are heavily discounted, with Urals crude selling at a $12 per barrel discount and gas prices up to 45% lower than European rates. Negotiations for the Power of Siberia 2 pipeline have stalled due to China's demands for subsidized prices, which would result in losses for Russia.
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