The article examines the perspectives of trilateral cooperation between China, Vietnam and Russia for realization of oil and gas projects in the offshore areas of the South China Sea. Some experts proposed a hypothesis that such projects could help to stabilize the conflict in the South China Sea. The author analyzes interests of all participants of that possible projects, and also conditions and obstacles for development of this cooperation. As a result, the author makes a conclusion that realization of these projects is impossible in the current situation because of positions of participants of the territorial dispute, influence of external actors and disparity of this initiative with interests of Russia.