Russian gas exports will fall 2.5 times this year compared to before the war in Ukraine
Due to the loss of the European market, Russian pipeline gas exports will fall from 206 billion cubic meters in 2021 to just 80 billion cubic meters this year, writes economica.net.
According to experts' assessment, due to sanctions against Russia and Gazprom's ultimatum last year to impose payment for gas in rubles, its exports have almost halved. Thus, this year, Russian gas exports through pipelines could shrink by another 1.5 times - and could reach only 80 billion cubic meters, compared to 122 billion cubic meters of gas in 2022, writes economica.net.
According to the International Energy Agency, Russian pipeline gas exports to the EU fell by 75% in the first half of the year. At the end of March, Russia's State Duma energy commission announced that gas exports this year, not including deliveries to CIS countries, could fall further, from 100 billion cubic metres to 50 billion.
Record gas prices in Europe allowed Russia to increase its gas export revenues to $138bn last year. But this year, gas export revenues will fall by 68.8% - to $43bn.
Experts at a consultancy say Russia could partially redirect gas exports to Asian countries, but this will not cover the losses caused by falling exports to European Union countries.
According to a decision, Russia now only accepts the ruble as a means of payment for gas deliveries to "unfriendly" countries, including European states. The European Union has refused to pay for Russian gas deliveries in rubles.
