Russia and China signed a $25 billion energy deal in Beijing that will involve China securing oil supplies from Moscow for the next 20 years in return for badly needed loans.
China's Development Bank will lend $15 billion to Rosneft, Russia's state-owned oil company, and $10 billion to the state pipeline monopoly Transneft, said Igor Dyomin, a spokesman for Transneft.
In return, Russia promised to supply 15 million tons of oil annually for 20 years to China.