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The new contract reiterates Ukraine’s energy dependence on its powerful neighbour.
Earlier on Monday this week, EU Ministers in a Brussels meet, failed to agree on increasing Russian sanctions.
China and Russia, in recent years, have seen unprecedented cooperation on key international issues.
The North Korean envoy had last year also met Chinese President Xi Jinping in Beijing.
Russia's energy sector represents nearly a third of its GDP, and about half of federal government revenues.
Putin has said the sanctions imposed by some G20 members on Russia “run counter to the very principle of G20 activities”.
OSCE has said the mission is restricted to report only what it sees passing through the official crossing along the "tiniest strip" of the border.
The bloody civil war in Syria had overwhelmed talks about global economics in last year’s G20 Summit in Russia.
The President said Russia is moving away from diktat of the market that denominates all commercial oil flows in US dollars.
Even as Western statements are fueling fears of a return to all-out conflict, Beijing stresses on political solution.
