Breaking News: Putin Arrives in Mongolia for State Visit, Key Pipeline Project Progressing
In a major development for the global energy market, Russian President Vladimir Putin has landed in Mongolia for a crucial state visit. The visit comes at a critical time as Russia pushes forward with plans to construct a new gas pipeline connecting Russia and China, with Mongolia playing a key role in the project.
The pipeline, known as Power of Siberia 2, aims to transport 50 billion cubic metres of gas annually from Russia's Yamal region to China through Mongolia. This initiative is part of Russia's strategy to offset declining gas sales in Europe following the Ukraine conflict. The existing Power of Siberia pipeline, which currently supplies Russian gas to China, is set to reach its full capacity of 38 bcm per year by 2025.
Despite facing challenges such as pricing negotiations, Putin has expressed confidence in the progress of the project, citing ongoing feasibility and engineering studies. The Russian President is scheduled to hold discussions with Mongolian President Ukhnaagiin Khurelsukh during his visit.
In a controversial twist, Ukraine has called on Mongolia to arrest Putin based on an International Criminal Court warrant issued last year. The warrant accuses Putin of war crimes related to the deportation of Ukrainian children. However, the Kremlin has dismissed these allegations as politically motivated and has reiterated its confidence in Putin's safety during the visit.
It is important to note that the ICC warrant mandates member states, including Mongolia, to arrest and transfer Putin to The Hague for trial if he enters their territory. Kremlin spokesperson Dmitry Peskov has confirmed that all aspects of the visit, including the ICC warrant, have been thoroughly discussed with Mongolian authorities.
This development has significant implications for the energy market and geopolitical relations. Investors and stakeholders should closely monitor the progress of the Power of Siberia 2 project and the outcome of Putin's visit to Mongolia, as it could have far-reaching effects on global energy dynamics and diplomatic ties.
