Russia’s political and economic “pivot to Asia” has long appeared to deliver less than it promised. But then, late last month, two Chinese banks came through with eye-catching loans worth $12bn to develop the Yamal liquefied natural gas venture in the Arctic — one of the largest project financing deals in Russian corporate history.

In fact, the agreement was the second big Chinese commitment to the project in a matter of weeks. In March Novatek — Russia’s largest independent gas producer and the main Russian shareholder in the Yamal project — sold a 9.9 per cent stake in the venture to China’s Silk Road Fund in a deal worth $1.2bn.

Taken together, the deals are a notable breakthrough for Novatek and for the Kremlin. They mean the $27bn project is fully funded and on track to launch next year, even though similar projects have been shelved amid a global oversupply of cheap energy — such as Woodside Petroleum 's $40bn Browse LNG venture off Western Australia.