HomeMediaVideosRussian gas exports to Europe will actually stop in the foreseeable future

Russian gas exports to Europe will actually stop in the foreseeable future

18 August 2022

Marcel Salikhov, President of the Institute for Energy and Finance, took part in the OTRazhenie program on the OTR TV channel, dedicated to the situation on the European gas market.

Marcel Robertovich, what volumes does Gazprom currently export to Europe? How much did they fall? And which countries still consume Russian gas?

- Indeed, Gazprom currently supplies limited gas flows to the European market. Current volumes can be estimated at about 110 million cubic meters per day. For comparison: last year, about 400 million were delivered in the same period. Accordingly, now the supply is about four times lower compared to what it was last year. Although last year, too, supplies were at a relatively low level. Currently, very little is supplied and, in fact, only through Nord Stream – 1 in the amount of 20% of its possible capacity. There is transit through Ukraine. And there are deliveries via Turkish Stream.

Explain, is it necessary to worry that Europe has started to consume less gas? Will we suffer financially from this somehow?

- It seems to me, yes, it's really worth worrying about. As you correctly noted, this is an important source of replenishment of the federal budget revenues. Gazprom is one of the largest taxpayers in the country, it pays 2.5–3 trillion in taxes. Accordingly, a significant part of these taxes is related to supplies to the European market.

- Therefore, indeed, there are losses, but in general it seems to me that the scenario is more likely that in some foreseeable future, perhaps next year, perhaps in 2024, the export of Russian gas to Europe will actually stop. Maybe there will be deliveries to Southern Europe via Turkish Stream. The same Nord Stream – 1, if the situation with the turbines is not resolved, if the turbines do not come into operation, then, accordingly, Nord Stream may stop altogether. And regarding transit through Ukraine, too, there is great uncertainty as to whether it will be preserved at all.

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