Russian gas exports to the EU have halved. Russia faces an anti-record since the early 1970s

In January-July 2025, Russian Gazprom pumped only 9.93 billion cubic meters of gas to the EU, which is almost twice less than in the same period in 2024 (18.3 billion cubic meters). About writes The Moscow Times.

If the pace continues, by the end of the year Russian gas exports to Europe will amount to about 17 billion cubic meters, which will be a new anti-record since the early 1970s.

For comparison, in 2018-2019, Gazprom supplied 170-180 billion cubic meters annually to Europe.

After the cessation of Russian gas transit through Ukraine, the Russians failed to compensate for their losses.

Although supplies through the Turkish Stream grew by 7% year-on-year, this is not enough to replace Ukraine's GTS with a capacity of more than 140 billion cubic meters per year.

Due to the decline in exports, Gazprom is forced to reduce production. In the first half of 2025, gas production in Russia fell by 3.2%, and liquefied natural gas (LNG) production by 5.2%.

Last year, the company was unable to sell about 60 billion cubic meters of gas, which is three times the annual consumption of Poland.

Attempts to find new markets have failed: the agreement with China has not been signed, and the gas hub project in Turkey has been canceled. Now the Kremlin is looking for ways to use the surplus, from powering data centers and AI facilities to generating electricity to support the coal industry.

• By the end of 2023, Gazprom for the first time in 25 years posted a record net loss in the amount of $6.1 billion (according to IFRS) and became the most unprofitable company in Russia.
• In 2024, Gazprom exported only 32 billion cubic meters of gas to Europe, which is the same as in the second half of the 1970s. Gazprom's net loss increased to $13 billion.
• Record losses force Gazprom to cut staff and sell off assets.