Russia close to signing gas deal

Russia on Wednesday announced it was finalizing a landmark deal for Gazprom, a state energy company, to supply natural gas to China, as Russia becomes increasingly isolated from the West, Reuters reported. Moscow hopes it can sign a deal during Putin’s next visit to China. Recent events in Crimea have weakened Russia’s bargaining hand. Industry sources expect that Russia would seal the deal by proposing a lower price for the gas in exchange for China handing over billions of dollars in upfront payments. The deal would help Moscow reduces its dependency on gas exports to Europe.