Russia has lost more than 50% of European gas market over the past year

In 2023, the supply of natural gas to Europe by the Russian energy monopoly "Gazprom" decreased by 55.6%.

This amounts to 28.3 billion cubic meters, Reuters reports.

The export of Russian gas to Europe, which was once its main export market, sharply declined due to the political consequences of the invasion of Ukraine. At its peak in 2018-2019, the annual flow reached 175-180 billion cubic meters.

According to the publication, in 2022, the Russian Federation delivered about 63.8 billion cubic meters of gas to Europe through various routes. "Gazprom" has not published its own statistics since the beginning of 2023.

Calculations based on data from the European gas transmission group Entsog and daily reports from "Gazprom" on gas transit through Ukraine showed that the average daily pipeline exports of Russian gas to Europe decreased to 77.6 million cubic meters in 2023 from 174.8 million cubic meters in 2022.

Russian dictator Vladimir Putin bet on an energy crisis in Europe last year by stopping the pipeline gas supply. Moscow's Kremlin propaganda actively used the thesis that "Europe would freeze" without Russian gas.

However, this did not happen, as the European Union increased imports from other countries, reduced consumption, and mild weather allowed them to get through the last winter without shutdowns while prices sharply decreased.

As a result, "Gazprom" practically lost its main market in Europe, which brought it tens of billions of dollars annually. In 2021, "Gazprom" exported 185 billion cubic meters of gas to the "far abroad," of which about 10 billion cubic meters went to China.

In addition, half of Russia's oil and oil product exports in 2023 went to China, while India's share grew to 40% in two years. Europe's share in Russian oil exports fell approximately tenfold to 4-5% from around 40-45%.

In 2024, after the expiration of the contract, NJSC "Naftogaz of Ukraine" will not continue the transit of Russian gas to the European Union.

Moreover, Ukraine will not negotiate the extension of the gas transit contract with Russia after its completion.

Earlier, the Chairman of the Board of "Naftogaz of Ukraine," Oleksii Chernyshov, stated that for heating in winter, Ukraine can provide itself with gas due to increased production, and they do not plan to import.