Rollback to the Brezhnev Times

by Meifan Honcharuk
Friday, April 28, 2023
Rollback to the Brezhnev Times

Thanks to European sanctions, Russian gas exports have fallen to their lowest level since the 1970s

The minutes of the meeting of the Energy commission of the state council of the Russian Federation dated March 30 indicate that at the end of 2023, gas exports will fall from 100 billion (in 2022) to 50 billion . In the entire post-Soviet history of Russia, exports have never dropped below 100 billion .

Russian pipeline gas was supplied to other countries by 3 routes: through Ukraine, Turkey (Turkish Stream and Blue Stream) and China (Power of Siberia). Against the backdrop of European sanctions and the refusal of European states to pay for gas in rubles, today, there is only one route, the Turkish Stream, to Hungary and Serbia. Also, Russia is trying to strengthen gas cooperation with China through the Power of Siberia, but it will not be able to replace the European markets.

Clearly, this year the Power of Siberia exported 15.5 billion of gas, in the next, Russia plans to increase the figure to 22 billion . For comparison, in 1980, Russia supplied Europe with 54.8 billion of gas.

Thus, now Russian gas export is the lowest since the 1970s.

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