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In 2018 about 6% of Russian gas supply to Europe was as LNG. [24] In response to Russian military buildup and recognition of Ukrainian separatists, Germany cancelled opening of the Nord Stream 2 in February 2022. The 2022 Russian invasion of Ukraine prompted international sanctions, leading to a currency crisis in Russia.
EUR/Ruble exchange rate (Rubles per Euro. On 23 March 2022, Russian President Vladimir Putin announced payments for Russian pipeline gas would be switched from "currencies that had been compromised" (that is, US dollar and euro) to payments in roubles when the transaction involved a country formally designated "unfriendly" previously, which included all European Union states; on 28 March, he ...
Gasprom expects exports of gas in 2023 to be half of 2022. [5] Russian gas production in 2023 is expected to fall from 673bcm to 630Bcm with Gazprom production falling from 412.6Bcm to 390Bcm. [39] 2023 Exports to Europe total just 8.14Bcm in first 4 months of 2023, [40] with gas continuing to move through a Ukraine pipeline at 40-42mcm per day.
Russian gas is no longer flowing to EU states through Ukraine following the expiration of a five-year deal, closing an energy route that has existed since the end of the Soviet Union in 1991.
Russia shipped some 15 billion cubic metres of gas via Ukraine in 2023, about 8% of peak Russian gas flows to Europe via various routes in 2018-2019, according to data compiled by Reuters.
Russian gas has been replaced by liquefied natural gas (LNG) imports: the United States has increased its slice of the EU gas market to 56.2 bcm in 2023 from 18.9 bcm in 2021 while Norway grew its ...
On 26 April, Gazprom announced that gas supplies to Poland and Bulgaria would halt. [109] In April 2022, Russia supplied 45% of EU's gas imports, earning $900 million a day. [110] In the first two months after Russia invaded Ukraine, Russia earned $66.5 billion from fossil fuel exports, and the EU accounted for 71% of that trade. [111]
European gas prices hit a new record high on Tuesday after a pipeline that brings Russian gas to Germany switched to flow east, a move the Kremlin said had no political backdrop, while two big ...