... 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 ...

... capabilities, and even with sanctions restrictions, supplies continue. Technical and economic barriers to replacing Russian LNG with American Infrastructure restrictions. Most European countries, despite significant infrastructure development, still depend on pipeline gas and have limitations on the reception and processing of LNG. Technically, expanding imports from the United States will require significant investment in ports and terminals. Pricing policy. American LNG is on average more expensive than ...

... of many was short-lived. In the second quarter of 2019, prices plummeted by 5%. Many were puzzled: was this a crash or a correction? To complicate matters, the situation was exacerbated by issues related to contaminated oil being transported through pipelines to Europe. In 2018, the global oil market experienced a rise in prices. Concurrently, the exchange rate of the ruble against the dollar stabilized. However, many were quick to celebrate too soon. In the second quarter of 2019, the price plummeted ...

... $380 to $410, interrupting several weeks of steady decline. Although current levels are far from the record highs of 2022, the market remains extremely sensitive to any risk factors. European consumers continue to compensate for the absence of Russian pipeline gas with record imports of liquefied natural gas (LNG), competing for LNG shipments with Asian buyers at high prices. It is worth noting that the pace of inventory replenishment has now slowed, as storage is nearing its maximum capacity — leaving ...

... is approximately in line with similar levels from the previous year. The summer heat in Western Europe is increasing the load on power grids (due to air conditioning), while the need to replenish reserves is also supporting gas demand. Furthermore, pipeline supplies from Russia remain limited: transit through Ukraine has been entirely suspended since the beginning of the year, while volumes along the "Turkish" route remain at moderate levels (~50 million m 3 per day). Comment from Sergey ...