Putin told Chinese media that China is a "reliable friend."

China and Russia ink $400 billion gas deal

China and Russia signed off on a huge gas deal worth as much as $400 billion Wednesday that heralds a pivot east for Russian business amid ongoing tensions with the West over Ukraine, though few details of the deal were made public.

The 30-year gas-export contract, seen as a move by Russian President Vladimir Putin to aggressively shift the country's commercial interests east amid mounting sanctions from the United States and Europe, was signed as the Russian leader has enjoyed a warm welcome in China, where the two countries have inked a raft of agreements during his ongoing, two-day visit.

The price China is paying for Russia's gas was not disclosed but the value of the agreement is thought to be somewhere near $400 billion. The deal, which will see Gazprom gas flow to China from a pipeline in Siberia, was confirmed by China's state-owned China National Petroleum Corporation.

The price is believed to be closer to what Russia wanted than what China was initially prepared to pay, said Thane Gustafson, a Georgetown University political science professor specializing in Russia. He said a prepayment for the gas, similar to what was agreed in oil deals, was dropped.

"This higher price level reflects China's willingness to pay more for cleaner fuel," Gustafson said.

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