FT: Russia’s eastern energy pivot has limits

Russia’s coat of arms famously features a two-headed eagle looking simultaneously west and east. At the St Petersburg International Economic Forum last week, Vladimir Putin managed the same trick.

The Russian president took to the stage with his star guest, the German chancellor Angela Merkel. But the eye-catching energy deals signed at the economic showcase were all with Asia.

• Rosneft agreed to supply 365m tonnes of oil over 25 years, worth $270bn, to the state-owned China National Petroleum Corporation (CNPC), with what Mr Putin hinted was a $60bn-$70bn pre-payment.  MORE