Vladimir Putin's ally is facing electricity restrictions after it refused a price increase.
The dispute stems from China facing severe electricity problems due to droughts and limits on increasing domestic coal production, while Russia is trying to offset the slump in its currency,
Vladimir Putin and Xi Jinping following their talks at the Kremlin in Moscow on March 21, 2023. The countries are in dispute over the demand by Russia's state energy holding Inter RAO to raise prices for electricity.Outside the Moscow-led Eurasian Economic Union of other former Soviet states, China was the biggest market for Russian electricity exports in 2022, receiving a record 4.
On Tuesday, the Russian currency traded at 99 to the greenback. Oil and gas were among Russian exports exempt from the price hike that has come into force.reported that Inter RAO representative Alexandra Panina had told reporters that if the price were to be rejected it may"completely cut off" electricity supplies.
"The Russian state power export monopoly can't make a profit, or very little with a 7 percent export tax," O'Donnell said."So it must demand higher rates from their biggest customer, China, and some other customers."
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