Russia's pipeline gas exports to Europe fall by 44% to the lowest in five decades following the closure of the Ukrainian route
Russia's pipeline gas exports to Europe fall by 44% to the lowest in five decades following the closure of the Ukrainian route
reuters.com
- European Union has agreed to phase out Russian fossil fuel imports
- Decline in imports follows closure of Ukrainian route
- TurkStream is the only remaining route
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The EU has said it will cease importing Russian gas by the end of 2027, as part of it effort to overcome the bloc's dependency on Russian energy and to withhold funds that could be used for its military campaign in Ukraine.
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Previously, Europe was Russia's biggest source of budget revenues from oil and gas sales, on the basis of pipelines that were built from the Soviet Union to western Europe in the 1960s and 1970s.
Russian pipeline gas exports to Europe peaked at more than 175-180 billion cubic metres per year in 2018-2019 - and were worth tens of billions for Gazprom and the Russian state that holds a controlling stake in the company.
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But this year, Gazprom's supplies totalled just 18 bcm and were sent through the TurkStream undersea pipeline after Ukraine chose not to renew the transit deal with Russia.
That is the lowest level since the early 1970s.
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