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The St Petersburg International Economic Forum, now in its eighteenth year, was less well attended than usual. The absence of various American and West European CEOs, responding to pressure from their governments following sanctions on Russia, was heavily commented upon in the West.

Less widely noticed was one of the most important pieces of news to emerge from Russia since the Soviet collapse of the early-1990s – namely the $400bn deal struck between Moscow and Beijing, under which Russia supplies 38bn cubic metres (bcm) of gas to China over 30 years from 2018.
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