... provide relative price stabilization: summer quotations at the TTF hub are holding in the $320–350 per thousand cubic meters range, significantly lower than the crisis peaks of 2022. The energy map of Europe has changed significantly in recent years. Supplies of Russian pipeline gas through Ukraine have practically ceased (after contracts were completed in early 2025), and routes through the Baltic and Poland are also non-functional (“Nord Stream” and “Yamal–Europe” have been halted due to sabotage and sanction disagreements)....

... and yuan exceeding 90% last year. Russian gas exports to China, including liquefied natural gas (LNG), reached a historic high of 34 billion cubic meters in 2023. In February 2024, Gazprom surpassed Turkmenistan, the long-time leader in pipeline gas supplies to China. Deliveries via the Power of Siberia pipeline increased from 15.5 billion cubic meters in 2022 to 22.7 billion cubic meters in 2023, with a projected capacity of 38 billion cubic meters per year by 2025. Russian coal exports to China ...

... production in the U.S. is expected to decline by 0.3%, with an average growth rate of only 3.9% from 2014 to 2024. This also falls short of the demands required for significant increases in blue fuel exports to Europe. The U.S. already provides 45% of gas supplies to Europe, and several new LNG terminal construction projects are underway in the U.S.; however, these cannot fully replace other supply sources. Achieving a supply value of $250 billion annually is feasible solely under one condition: a significant ...

... rise again as the EU starts filling its underground gas storage facilities before the new heating season," he said. He noted that this year, attention is focused on geopolitics, as there is still no clarity about whether contracts for Russian gas supplies via Ukraine will be extended. A decision on this issue is expected soon, as current contracts are set to expire at the end of December. "Gas prices could rise further from current levels by the end of the season, unless there are any ...

... services provided to third-party organizations—approximately 104 billion rubles in revenue compared to 143 billion rubles a year ago (-27%). This is linked to a drop in transit volumes: for example, revenues from transit through Russia for Central Asian gas or supplies from independent producers decreased, alongside the cessation of several export routes (loss of volumes previously transiting through Ukraine, reduction of services for European partners). Other activities. Income from property rentals (gas transport ...