Putin's Failed Visit To Xi Jinping Sends Gazprom Into A Knockdown
- 21.05.2026, 9:09
And the entire Russian market.
Russian dictator Vladimir Putin's failed visit to Chinese leader Si Jinping, during which he again failed to reach an agreement on the construction of the Power of Siberia-2 gas pipeline, has sharply collapsed Gazprom shares.
By Wednesday evening, Gazprom's shares had fallen 3.5% to 119.06 rubles per share on the Moscow Exchange, The Moscow Times writes.
The company has become the main outsider among Russia's largest issuers. In one day, the holding's market capitalization fell by about 100 billion rubles, and since the beginning of Putin's trip to Beijing, losses have exceeded 120 billion rubles.
Analysts note that investors were waiting for specifics about Power of Siberia-2, but no certainty on the issue has emerged.
The new pipeline project is seen as critical for Gazprom after the loss of a significant part of the European market. Against the background of investors' disappointment, shares of Pipe Metallurgical Company, which the market considered as one of the potential suppliers of large-diameter pipes for the construction of the gas pipeline, fell by almost 6%.
In general, the entire Russian market was under pressure. Thus, the MosBirch index fell by 1%, Rosneft shares lost about 2%, Gazprom Neft shares fell by 1.5%, Novatek shares fell by 1.3%.
Bloomberg analysts note that following the visit, Moscow and Beijing signed about 40 documents, but none of them concerned oil and gas cooperation.
Official materials also did not mention the "Siberia Power-2". According to the observers, the partnership between Russia and China is important for both countries, particularly in the field of trade, but it has its limits.
The experts also emphasize that Moscow is increasingly acting as a junior partner within the framework of this partnership.
Analogous opinion is also held by The Washington Post, which calls Putin a junior partner in his relations with Xi Jinping.
Die Zeit also notes that in Russian-Chinese relations now virtually everything depends on Beijing. It seems that the Russian Federation needs China to demonstrate where the new center of power is now.
Putin, after his talks with the Chinese leader, declared Russia's readiness to ensure uninterrupted supplies of oil, gas and LNG to China. He claims that a stable system of mutual trade has developed between the countries, which is "protected from external influences and negative trends."