The fate of Power of Siberia 2 will partly depend on Beijing’s assessment of the relative risks of greater dependence on Russian pipeline gas versus greater dependence on LNG imports. PS-2 would increase Russia’s pipeline capacity to China to 98 bcm/y. If this capacity is built and fully utilized by 2030, China’s net import dependence on Russian pipeline gas could reach 40 percent by 2030, on par with the EU’s dependence before Russia invaded Ukraine
