COOPERATION BETWEEN RUSSIA AND CHINA IN THE CONTEXT OF THE RESTRUCTURING OF THE GLOBAL ENERGY MARKET

Abstract

The relevance of the topic. The strengthening of relations between Russia and China in the global political arena is accompanied by the expansion of economic cooperation between the two countries, including in the fuel and energy sector. Until recently, energy cooperation between Russia and China was mutually beneficial: China, as the largest consumer of electricity in the world, was interested in diversifying energy sources to reduce dependence on supplies via sea routes from unstable regions such as the Middle East and North Africa, and Russia, in turn, possessing huge reserves of oil and gas and coal, acted as a reliable supplier and received a stable income from the export of energy resources. However, the significant reduction in energy imports from Russia, carried out by European countries in the context of increasing geopolitical tensions, has deprived Russia of the opportunity to maneuver between several large sales markets, thereby giving China the opportunity to use leverage to obtain more favorable terms. Goal. A systematic study of energy cooperation between Russia and China, which is one of the key areas of export of Russian energy resources in the context of global geopolitical processes that have influenced the structure of global demand for Russian hydrocarbons and, as a result, caused the reorientation of energy exports from the European to the Asian market. Methodology. The research methodology is based on systematic, process-based and situational approaches. The research uses general scientific and special techniques and methods of cognition: system analysis and synthesis, induction, deduction, as well as statistical and graphical methods of economic analysis. The authors carried out a systematic analysis of the key aspects of energy cooperation between Russia and China. The main directions of energy cooperation in the fuel and energy sector of the two countries are described. A study was conducted on the export of hydrocarbons and electricity for the period from 2019 to 2023. Problematic aspects of energy cooperation between Russia and China have been identified. The prospects for further development of cooperation in the context of the restructuring of the global energy resources market have been identified. Scope of application. The formulated analytical conclusions and theoretical provisions can be used for further analysis of cooperation between Russia and China in the field of energy, economics and international relations.