... kept export prices at moderate levels. However, Gazprom's direct exposure to the European spot market diminished due to 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 ...

... separate trade deal with Japan, avoiding tariffs on Japanese cars. Now, European businesses hope for a similar compromise for the EU: uncertainty surrounding potential tariffs significantly reduces appetite for risk. Industrial and automotive giants in Europe ... ... forefront. Thus, oil prices are balancing between supply-reducing factors (voluntary production limits from OPEC+ countries and sanctions against Russia) and signs of weakening fuel consumption. Gold, meanwhile, continues to hold near historical highs, although ...