London ( CNN ) -- When Russian President Vladimir Putin and his Chinese counterpart Xi Jinping signed a huge gas deal last month , the timing could n't have been better . It was on the eve of the Putin 's St Petersburg Forum , and just weeks after the G7 energy ministers had announced a long-term plan to lessen Europe 's troubling dependency on Russian energy . The multi-billion deal had been in the works for a decade , as the two parties negotiated the price . Russia finally agreed to supply natural gas for 30 years starting 2018 . The price was not made public , but is estimated at around $ 456 billion over the 30-year term . The deal is a milestone in Russia 's efforts to pivot towards the east . The country has suffered as the crisis in Ukraine deepens and the West implements sanctions . `` The deal will allow [ Russia ] to continue with an energy-focused business model , '' said Andreas Woergoetter , an OECD economist and the head of Russian economy division . The IMF said that the Russian economy is in recession , and has lowered its growth forecast to just 0.2 % for the year . `` There have been consequences on the Russian economy as a result of the geopolitical situation , the uncertainty , and the sanctions that have been decided , '' IMF chief Christine Lagarde told CNN last month . But as its traditional trading ties have weakened , Russia has been building economic relationships elsewhere . In the last five years , trade between Russia and China has grown by a third , from $ 21 billion in 2008 to nearly $ 36 billion in 2013 . Russians are buying even more from China . In 2013 , Russian imports from China added up to $ 53 billion , largely made up of textiles and other consumer technology such as mobile phones . However , Woergoetter said that any increase of imports from China might be problematic , `` making it even more difficult for Russia to develop a competitive manufacturing sector . '' VTB , Russia 's second biggest bank , and the Bank of China have also agreed to pay each other in their own domestic currencies to bypass the U.S. dollar . Politically , the two countries have often faced the Western world together within the UN Security Council meetings , such as when they voted against the majority on issues around Syria , Zimbabwe and Myanmar . The deepening relationship was underlined when Xi decided that his first foreign visit as a newly elected Chinese president would be to Moscow . Read more : Would World Cup boycott hit harder than sanctions ? John Defterios : Putin 's 48 hours in St. Petersburg . Opinion : Who will blink first , Putin or the West ?
With the West turning away , Russia is looking to strengthen their links with the East . Comment: The two superpowers step up efforts to bypass the US dollar in their transactions .