Russia-China gas deal has huge global implications

RUSSIA'S gas deal with China has major energy and geo-political implications for the US and the European Union (EU).

To be sure, sanctions against Russia could backfire, Russian and Western industrialists and analysts have cautioned.

Alexei Miller, the head of Russian producer Gazprom, said at an economic forum in St Petersburg last Friday that the deal has considerable significance for the global gas market as it reduces Russia's dependence on Europe as an importer.