New Delhi, Sept. 26 -- ST. PETERSBURG - Vladimir Putin had a number ready for reporters on Friday, and he wanted them to know it was still climbing. "We have trade of $240 billion with the People's Republic of China. It's decent. And the volume of trade is increasing," he said, adding that Moscow and Beijing see "important areas for further development" in the relationship.

a major economy has built an alternative payment system large enough to keep growing regardless of what Washington does.

What Putin did not mention is the project meant to be the relationship's next chapter, and it is not going well. Power of Siberia 2, the pipeline that would roughly double Russia's gas exports to China and replace much of what Moscow lost when Euro...