Russian President Vladimir Putin and Chinese President Xi Jinping announced on Friday that the Eurasian Economic Union and the Silk Road projects will be united.
"The coupling of the EEU with the Silk Road is essentially the way to a joint economic space on the continent," Putin said.
Putin said that Moscow welcomes Chinese companies joining oil and gas exploration on the Russian Arctic and Sakhalin shelf.
"We have achieved a unity of views on a wide range of issues," Xi Jinping said.
Putin and Xi also agreed that they are against attempts to rehabilitate Nazism or militarism, as well as historical falsifications.
Russia's Gazprom and China's National Petroleum Corporation (CNPC) signed a deal on the "Western Route" of natural gas supplies from Russia to China. The 2,700-kilometer pipeline connects Western Siberia to China's Xinjiang region. In China, the pipeline is expected to eventually connect to China's East-West pipeline. The deal is a legally binding part of a future contract.
Russia's electrical grid company Rosseti and China's State Grid Corporation (SGCC) signed a deal to jointly build electrical grids. The project is expected to require $1 billion of investments per year. China's Development Bank is expected to finance the joint venture project, established by a memorandum of understanding in 2014.