The Supplicant and the Sovereign

The report analyzes the growing power asymmetry between China and Russia following the 2026 Moscow summit, highlighting how China leverages Russia's isolation to demand favorable energy terms and Arctic access.

Key Takeaways

• 1.The power dynamic in the Russia-China partnership has become heavily lopsided in favor of China following Russia's loss of European energy markets.
• 2.The Power of Siberia II pipeline is a critical financial lifeline for the Kremlin, but China is in no rush to sign, using its diversified energy portfolio to extract favorable pricing.
• 3.China's leverage is further strengthened by potential trade accommodations with the Trump administration, including American LNG exports.

Table of Contents

• The Supplicant and the Sovereign
• Natixis CIB Research
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