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A Russia-China gas pipeline is coming to life within the next two years, the Financial Times said Monday, as the two allies deepen their economic and energy ties.

Mongolia's prime minister Oyun-Erdene Luvsannamsrai told the FT that construction should take place in 2024, despite Russia's invasion of Ukraine constraining some of the plans for the Power of Siberia 2 pipeline. 

The pipeline will be 2,600 kilometers and is expected to start working in 2030. Mongolia will also benefit from transit fees and taxes to help an ailing economy hit hard by the coronavirus pandemic. 

Russia's gas exports to China have been soaring since 2019, but Moscow is aiming for more Europe moves further away from a reliance on its supplies.

The earlier Power of Siberia pipeline was previously a pivotal source of flows to Europe, but the Siberian fields will now re-direct gas to China. 

The news comes as the European Union signed a new gas deal with Azerbaijan Monday to double imports of natural gas by 2027 to at least 20 billion cubic meters.

"Today, with this new Memorandum of Understanding, we are opening a new chapter in our energy cooperation with Azerbaijan, a key partner in our efforts to move away from Russian fossil fuels," said European Commission President Ursula von der Leyen.