Gazprom has turned cold towards Europe

Sergey Kondratiev, Deputy Head of the Economic Department of the Institute forEnergy and Finance, commented to the Kommersant newspaper about Russian gas supplies to the EU.

Sergey Kondratiev believes that the decline in supplies to the EU is largely due to low demand for natural gas because of high wind power generation and relatively warm weather in Eastern Europe.

“As a result, we see a slight reduction in transit through Ukraine (by 1–2 million cubic meters per day) and through the Turkish Stream (by 3–4 million cubic meters). The price factor also matters: the cost of natural gas under Gazprom's long-term contracts is now $20–30 per 1,000 cubic meters higher than current TTF spot prices,” he says.