Geopolitically it is very important for Russia, because it has opened the Chinese market, and the LNG markets in Asia. It brings closer ties between China and Russia to counterbalance U.S. lonesome role as the World's superpower.
The pricing of Russian natural gas will be its comparative advantage over other possible suppliers of natural gas and LNG, and will be the driving force to stop projects in the global gas industry who's costs have overrun original Capex's and will also halt marginal gas projects. It will mean less competition.
It changes political relationships between the EU, China, Russia and the U.S.
It will change the composition of the Energy matrix for China,and improve its economy to a cleaner
environment, cutting coal consumption and changing it to gas consumption.
