... to other markets,” Natalia Milchakova recalled. The Russian Ministry of Finance previously provided estimates indicating that Russia lost approximately a quarter of oil and gas budget revenues due to the EU oil embargo and the cessation of Russian gas pipeline operations into Europe. However, after 2026, the budget revenue decline may be limited to only 1–3%, the expert highlighted. Currently, pipeline gas is flowing to EU countries only through one of the branches of the "Turkish Stream." ...

... challenges. Why is Europe once again facing high gas prices and a potential surge in inflation? Geopolitical and Supply Risks The price jump partly stemmed from risks associated with Ukraine’s military actions in the Kursk region, through which a key gas pipeline to Ukraine runs. “Prices spiked from $360 to $480 in a single day due to fears of transit disruptions near Sudzha caused by the conflict,” notes Yushkov. Storms and LNG Disruptions This week, prices have risen due to potential cuts in ...

Surgutneftegas, one of the leading players in the Russian oil and gas sector, increased its investments to 265 billion rubles in 2023, allocating funds for the development of fields in Western Siberia, the modernization of pipeline infrastructure and oil refineries, as well as the implementation of advanced technologies and environmental programs. These strategic investments help strengthen the country's energy security, develop regions and ensure stable growth of the company,...

... the 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 to the EU via pipelines fell to historical lows. For example, transit through Ukraine, which had been contracted until the end of 2024, virtually ceased in 2025. The main external market has become China—supplies via the Power of Siberia pipeline continued to increase,...

... partnership between the Russian gas giant and the European Union is coming to an end, and now the company is faced with the necessity to adapt to new geopolitical and economic realities. Export Declines: Numbers that Speak for Themselves From 2021 to 2025, pipeline gas exports to the EU are expected to drop nine-fold. This historic low is attributed to several key factors: Termination of transit through Ukraine: Political and geopolitical tensions have led to halting the traditional supply route. Decreased gas consumption ...