Due to the cessation of transit through Ukraine, russia is supplying Europe with the least amount of gas in half a century, and even China is not compensating for the lost volumes.
This is reported by Economic Pravda with reference to The Moscow Times.
The report states that in the first half of 2025, russian gas exports to Europe almost halved - to 8.33 billion cubic meters, Reuters calculated based on data from the TurkStream gas pipeline, which remained Gazprom's only supply route to the EU.
This is 47% less than in the same period in 2024, when 15.5 billion cubic meters were exported.
In annual terms, supplies may not exceed 16 billion cubic meters - this is the maximum throughput capacity of the European branch of the TurkStream.
Russia has not recorded such a low level of exports to Europe since the early 1970s.
For example, in 1975, supplies amounted to 19.3 billion cubic meters, and in 1980 - already 54.8 billion cubic meters.
At its peak before the full-scale russian invasion of Ukraine, Gazprom exported up to 200 billion cubic meters of gas per year - the current volume is 12 times less.
Russia has nowhere to put the excess volumes: the "Power of Siberia" to China covers only a fifth of the losses.
Negotiations on new gas pipelines failed, and the gas hub project in Turkey was not implemented.
In 2023, Gazprom's production amounted to 416.2 billion cubic meters, of which 60 billion remained unrealized.
This is three times higher than the annual gas consumption in Poland.
It is noted that the company's management and the government are looking for ways to use the surplus - options are being considered to direct them to data centers or support coal-fired generation.
Among the most exotic ideas is the export of 55 billion cubic meters to Iran, despite the fact that this country has the second largest gas reserves in the world.
Against the backdrop of the collapse of exports, Gazprom's financial situation has deteriorated sharply: in 2023 the company suffered losses of RUB 629 billion, and in 2024, despite the profit report, the key gas business showed a net minus of RUB 1 trillion.
According to the company's own estimates, in the period 2025-2034 Gazprom is threatened with total losses of RUB 15 trillion due to the lack of export opportunities.
As Ukrainian News Agency earlier reported, natural gas supplies from russia to the European Union countries in January-March 2025 fell to a minimum since the beginning of the war in Ukraine.
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