Putin Jinping Shanghai
Russia's President Vladimir Putin (R) and China's President Xi Jinping review an honour guard in ShanghaiReuters

Russia and China have yet to agree a price for gas sales but talks will continue over the next two days, according to the Kremlin.

Russian president Vladimir Putin arrived in China late on Monday ahead of a security summit amid high hopes in Moscow that the long-running gas talks between the parties could produce a deal.

While the parties have not agreed any deal yet, Kremlin spokesman Dmitry Peskov said there is still time.

"The visit is not over yet. Talks will continue... substantial progress [has been made] but there is still work to do on price," Peskov told reporters.

The visit comes as Russia and China face international criticism over disputes in Ukraine and the South China Sea respectively.

Russian individuals and companies have been sanctioned by the United States and the European Union over Ukraine and Moscow is seeking to shield itself from further Western sanctions.

In a bid to push a deal through, Russian energy giant Rosneft offered to remove extraction taxes for gas deliveries marked for China, its CEO said on Tuesday.

"We are talking about deposits that will be a source for gas supplies to China market. This is a very smart and valuable proposal that can become a basis for compromise," Igor Sechin told journalists.

China's president Xi Jinping said annual trade between the countries is expected to reach $100bn by 2015, after meeting with Putin.

China is Russia's largest single trading partner and trade between the two countries was $88.8bn (£52.7bn, €64.8bn) in 2013 and could reach $200bn by the end of the decade.