 In July 2008 Russia's president signed a law allowing the government to allocate strategic oil and gas deposits on the continental shelf without an auction procedure.On 17 February 2011, Russia signed a deal with China, stating that in return for $25 billion in Chinese loans to Russian oil companies, Russia will supply China with large quantities of crude oil via new pipelines for the next 20 years.As of 2014, oil and gas comprise over 60% of Russia's exports and account for over 30% of the country's gross domestic product (GDP).