Embattled Russia’s natural gas exports to the European Union in this year are expected to reduce by 50 billion cubic meters (bcm) – or by one-third of last year’s volumes – the country’s deputy prime minister, Alexander Novak has said
Quoting estimates currently domiciled in the ministry of energy, exports will decrease by about 50 billion cubic meters, Novak said at the sidelines of an event in Moscow, the Russian news agency, Interfax said.
To compare, last year, Russian gas exports to the EU totaled around 150 bcm, per Reuters estimates. Russia has drastically cut gas supply to Europe since the invasion of Ukraine, with cuts to gas deliveries culminating (so far) in the shutdown of the Nord Stream pipeline to Germany.
Also Read: Energy Crisis Set to Change Both Europe’s and Russia’s Futures
Russia said last week that the key gas export route to Germany wouldn’t reopen until Western sanctions impeding gas turbine repairs in the West are not lifted.
On the other hand, Europe is hoping it would succeed with diversification effots before end when the sanction will come in full force.
“Last year, Russian gas accounted for 40% of our gas imports. Today it’s down to 9% pipeline gas,” European Commission [EU] president, Ursula von der Leyen, said in the 2022 State of the Union speech on Wednesday.
Also Read: G7 Price Cap: Russia To Focus More On Asia For Gas Sales
Gazprom, Russia’s gas giant, said last week that since the beginning of this year, the EU had reduced its imports of Russian gas by 48%, while the EU plus the UK combined have reduced Russian gas imports by 49%.
Gazprom’s exports to countries outside the CIS have shrunk this year by more than 35% compared to last year’s period. Still, the gas giant is set to rake in 85% higher revenues this year, to around $100 billion, as natural gas prices surged following the Russian invasion of Ukraine and the significant cut to Russian pipeline gas exports to Europe, an analyst told the Financial Times last week
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