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The completion of the natural gas pipeline ‘Power of Siberia’ in 2019 creates new dynamics in Eurasian trade. Russia’s deepening ties with China present it with the opportunity to change its relationship with the European Union from monopsony to monopoly, thus gaining bargaining leverage. However, this argument goes both ways, being also applicable to Russo–Chinese affairs, with the European Union as the alternative option. The article concludes that Russia, while seriously strengthened by its developing energy relationship with China, will not endanger its status as a reliable supplier across Eurasia, since its nascent monopoly position depends on the existence of an alternative option.

From Monopsony to Monopoly: Russia’s Opening to China as a Stabilising Factor in the Eurasian Energy Trade