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Philippines, Vietnam and other nations lay contesting claims to the South China Sea, but Beijing exercises jurisdiction.
Russia plans to use the new link to ship gas to Turkey and onto Europe, bypassing existing pipelines in Ukraine.
Putin will also attend the celebrations in China to mark the 70th anniversary of the end of the war.
Both Saudi Arabia and Turkey are staunch backers of the rebel groups fighting against President Assad.
The Russian negotiating team made critical contributions to the comprehensive deal, Putin said.
Yemen has been engulfed in conflicts between Houthis, the country’s main opposition group, and government forces since early 2015.
The Eurasian Economic Union has an integrated single market of more than 171 million people.
The Russia-China alliance in Central Asia received a boost with Putin agreeing to most of Beijing's proposals.
The BRICS Bank will work closely with the China-led AIIB, says communique.
The group represents more than a fifth of the global economy.
