Russian gas exports to EU to fall in 2022: Deputy PM

Earlier in September, Russia stopped gas flow to EU in retaliation against G7 members' decision to cap Russian crude oil export prices.

Russian gas exports to EU to fall in 2022: Deputy PM

Russia’s natural gas exports to EU countries this year are estimated to drop by 50 billion cubic meters (bcm), Russian Deputy Prime Minister Alexander Novak said on Thursday.

"This year, according to the estimates that we now have from the [Russian] energy ministry, exports will decrease by about 50 bcm," Russian state-owned media outlet RIA Novosti quoted Novak as saying.

Novak said Moscow expects European leaders to adopt a reasonable stance against restrictions on Russian energy sources ahead of the winter season.

Novak’s remarks came on the heels of Russian energy company Gazprom’s decision to cut gas flow for an indefinite period through its key Nord Stream pipeline, which supplies gas to Europe, due to technical reasons.

The decision came in retaliation against a decision by G7 member states who agreed to cap Russia's crude oil export prices.

"They should, first of all, think about those who live there, not about how to interfere in market processes," Novak said.

Regarding the EU’s possible price cap on Russian gas, he said gas prices would be determined according to the supply-demand balance and market conditions.

"The formula for pipeline shipments is formed in line with the contract terms on a long-term basis, and our gas delivery contracts to Europe are generally long-term," he added.

Novak also said Russia may provide additional volumes to Türkiye if required.

Hüseyin Demir