Official announcements from the European Union

Russia Boosts Gas Exports to Europe by 18-20% to 50 Billion Cubic Meters in 2024 Amid EU Sanctions

Dec 25, 2024, 08:19 AM

Russia's combined pipeline and liquefied gas exports to Europe increased by 18%-20% year-on-year in the first 11 months of 2024, reaching just over 50 billion cubic meters, according to Deputy Prime Minister Alexander Novak. Despite EU sanctions due to Russia's invasion of Ukraine, demand for Russian gas persists, with Novak stating that gas is an environmentally friendly product and that Russian gas remains the most economically advantageous in terms of logistics and price. The increase follows a significant drop in 2023 when Russian pipeline gas supplies to Europe fell by 55.6% to 28.3 billion cubic meters. Russia is prepared to continue gas supplies to Europe through multiple routes, but the fate of transit through Ukraine depends on agreements between the EU and Kyiv. The current transit contract through Ukraine, which has been in place despite the ongoing conflict, is set to expire at the end of 2024, and Ukraine has indicated it will not renew the agreement. The situation in Europe's gas market is tense, with storage levels 3-5% below the five-year average.