SINGAPORE—China is buying more and less expensive energy supplies from Russia this year, reaping the benefits of a plunge in European purchases just when Beijing needs it most as the Ukraine crisis pushes Moscow in search of alternative markets.
The growing cooperation, to be further deepened with Chinese leader Xi Jinping’s meeting with Russia’s Vladimir Putin in Uzbekistan on Thursday, is a boon for both countries.
China has gained access to cheaper energy while Russia is able to offset losses from the European Union and other allies scaling back on purchases of Russian exports due to sanctions over its invasion of Ukraine. Moscow calls it a special military operation….