- Gazprom (OTCQX:GZPFY) has signed a long-awaited gas-supply agreement with China National Petroleum Corp in a deal that is likely to be a blow to long-term Western efforts to contain Russia's expansionist plans.
- Gazprom will provide 38B cubic meters (bcm) of gas annually for 30 years, with the agreement unofficially valued at more than $400B.
- Following the turmoil in Ukraine, the West has started to consider how to cut reliance on energy from Russia, which is a major part of its economy. The deal with China reduces any future leverage the U.S. and its allies might have hoped for.
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