An employee at Gazprom's Power of Siberia gas pipeline in Russia in 2019 (Reuters)

At an event celebrating Gazprom's 30th anniversary, CEO Alexey Miller confirmed that the company is getting ready to kick off the projects of the Powers of Siberia-2 and Soyuz Vostok gas pipelines that run through Mongolia to China.

"Currently, we are preparing to start implementing such projects as Power of Siberia-2, to start building the Soyuz Vostok gas pipeline through the territory of Mongolia, the Far Eastern gas pipeline, and, of course, a link that will connect the gas transportation system we have created in the European part of the country with the gas transmission capacities created under the Eastern Gas Program," Miller said.

He further added, "We have accumulated considerable experience in the Arctic. We have built our expertise, experience and knowledge first-hand. Gazprom has created a new gas production center - Yamalsky. Currently, new large hydrocarbon production fields are being developed."

A year prior, Gazprom announced the existence of a study on the results of the feasibility of the Soyuz Vostok gas pipeline project with Mongolia, which will be a continuation of the Power of Siberia - 2. The pipeline-design contract comes as the European Union and the United States, together with countries like the United Kingdom, Canada, and Japan, exert unprecedented pressure on Russia following its special military operation in Ukraine.

Russia's ability to import essential technology, access global debt markets, and even access much of the $640 billion it kept up as a buffer to protect the economy is being hampered by sweeping sanctions.

According to Russian Deputy Prime Minister Victoria Abramchenko in November last year, the design of the Soyuz Vostok gas pipeline is due to be completed in 2023, but construction would launch in 2024 and operation by 2027-2028.

50 billion cubic meters of gas is bound to be supplied to China annually via the gas pipeline which would be about 962.9 km running through Mongolia.

It is worth noting that despite Western sanctions and blackmail, economic turnover between Russia and China has reached historic highs, Russian President Vladimir Putin said during talks with China's leader Xi Jinping on Friday, adding that the objective of increasing trade volumes to $200 billion would be met ahead of time.