Russian President Vladimir Putin and Chinese Leader Xi Jinping on Monday launched the "Power of Siberia" gas pipeline, which will provide northern China with gas from Russia's eastern region of Siberia. Russia is the world's biggest natural gas exporter and the pipeline between the two nations measures a whopping 1,865 miles.

“This is a genuinely historical event not only for the global energy market but above all for us, for Russia and China," Putin said via Videolink. In response, Xi told Putin that the pipeline is "is a landmark project of bilateral energy cooperation" and an "example of deep integration and mutually beneficial cooperation."

Russian natural gas giant Gazprom inked a $400 billion agreement in 2014 to provide gas to China National Petroleum Corp. over the next 30 years. The transport of the gas will be facilitated by the "Power of Siberia" pipeline. Russia also sells large amounts of oil to China.

For Russia, natural gas exports to China are a way to boost the economy as the country faces financial sanctions from the West due to its annexation of Crimea. China needs more natural gas in order to sustain its large energy consumption.

This isn't the first infrastructure project that will bolster trade between the two nations. On Friday, Russian officials announced that a highway bridge between Russia and China is complete and will open in the spring. The bridge will allow for goods and people to travel easier between the two countries.

Russia and China have become closer partners in recent years. Chinese and Russian representatives often cooperate with each other on the United Nations Security Council and Russia provides military technology to China.

In June, China's Xi called Putin his "best friend" during a visit to Moscow, with Putin saying that "Russian-Chinese relations have reached an unprecedented level." China has also sought closer ties to Russia as it faces tariffs from the U.S. due to President Trump's trade war.

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