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Clara Ferreira Marques

Xi Gives Putin Nothing on Energy: Elements by Clara F. Marques

A worker at a Russian gas field that supplies China

A worker at a Russian gas field that supplies China

Photographer: Andrey Rudakov/Bloomberg

Hi and welcome to Friday’s edition of Elements, Bloomberg’s daily energy and commodity newsletter. After Putin and Xi meet for the first time since the Ukraine invasion, Bloomberg columnist Clara Ferreira Marques looks at the unequal energy relationship between Moscow and Beijing. Elsewhere, Germany is quickly taking control of the energy sector as threats to the economy mount: following yesterday’s news Berlin is ready to nationalize three gas importers, today they seized the German assets of Russian oil giant Rosneft.

Russia’s position with its shrinking pool of oil and gas customers has never been weaker. And it shows.