Russia's natural gas shipments to China are likely to expand by up to 50% year on year in 2023, according to Gazprom CEO Aleksey Miller, who met with President Vladimir Putin on Tuesday.

Miller explained that gas deliveries to the South Asian country would surpass contract commitments this year and amount to 23.2 billion cubic meters, up from 15.5 billion cubic meters in 2022.

The gas giant has set 9 daily export records since 2023 began, achieving a new record for daily exports to China via the Power of Siberia mega pipeline last week. 

Miller also revealed that gas shipments to China will continue to increase, reaching 38 billion cubic meters by 2025.

Gazprom distributes natural gas to China under a long-term arrangement with the China National Petroleum Corporation (CNPC). The Power of Siberia is part of a $400 billion, 30-year deal signed in 2014 by Gazprom and CNPC.

Exports to China are expected to increase to 100 billion cubic meters per year if the transit gas pipeline via Mongolia is completed.

Russian gas sales to the EU have declined as a result of sanctions on Russia and sabotage of the Nord Stream pipelines, which were once Russia's main gas conduit to the area. Gazprom, on the other hand, has effectively switched its energy trade to Asia, with China emerging as its major importer.

Russia's Deputy Prime Minister Alexander Novak has revealed that China accounts for 50% of Russia's energy exports, while India purchases close to 40%.

In September, Gazprom made the first delivery of liquefied natural gas (LNG) to China via the Arctic Northern Sea Route.

Despite Western sanctions and blackmail, economic turnover between Russia and China has reached historic highs.