Russian President Vladimir Putin on Monday formally launched the start of natural gas supplies to China via the Power of Siberia pipeline, a move he said would help trade between the two countries reach $200 billion by 2024, according to Reuters.

The pipeline was launched at a televised ceremony watched by Putin and China’s President Xi Jinping via video link.

Russia is also planning to soon launch two more gas pipelines that will ramp up supplies to Europe while bypassing Ukraine.