.... However, macroeconomic challenges remain present, and Gazprom continues to seek ways to enhance its competitiveness in the international market. Analysis of PAO Gazprom's RAS Report for the First Half of 2025 Summary of Financial Results for H1 2025 ... ... decline in physical export volumes to Europe. Geopolitical factors and gas exports also set the tone for operational results. Sanctions and the political environment after 2022 led to conventional sales markets (Europe) being effectively closed: gas exports ...