China rejects Russia's electricity price hike, raising stakes in global energy market.

Dispute stems from China's power crisis and Russia's need to offset currency slump.

Experts say China in strong bargaining position, could turn to LNG gas imports.

Dispute highlights growing tensions between China and Russia, playing out against backdrop of Ukraine war.

Outcome of dispute could have significant impact on global energy market, including Europe's energy crisis.

     Possible implications: 1. Higher electricity prices for consumers in China and Europe 2. Negative impact on global economy

        What to watch: 1. Will China reduce imports of Russian electricity? 2. How will Russia respond? 3. What will be the impact on global energy markets?

Key players: 1. China 2. Russia 3. European Union 4. LNG exporters

      What's at stake: 1. Global energy market stability 2. European energy crisis 3. Global economy