The cut comes amid a sharp drop in Russian hydrocarbon exports to Europe due to Western sanctions against Moscow over its aggression against Ukraine
Natural gas exports from Gazprom beyond the zone that includes the former Soviet republics decreased by 45.5% in 2022according to results announced today, amid a sharp drop in Russian hydrocarbon exports to Europe due to Western sanctions against Moscow over its aggression against Ukraine.
In the relevant announcement, Gazprom CEO Alexey Miller says the group exported 100.9 billion cubic meters of natural gas in 2022 to the countries of the “far abroad”, a term used by Moscow to describe the zone beyond the former Soviet Union. democracies.
In 2021, natural gas exports to the “far abroad” amounted to 185.1 cubic meters.
Following the imposition of Western economic sanctions against Russia, Moscow’s hydrocarbon exports to the European Union have fallen sharply.
In early December, the European Union, Group of 7 countries and Australia also agreed to cap Russian oil prices at $60 a barrel, aiming to cut vital revenue for Moscow.
In response, Russia announced that it will ban from February 1 the sale of its oil to countries that will implement the cap.
To offset the losses, Moscow is trying to increase natural gas exports to China.
In late December, Vladimir Putin inaugurated the exploitation of a giant deposit in Siberia that will allow for increased exports to China. Russia plans to build from 2024 the Power of Siberia 2 natural gas pipeline to supply Beijing through Mongolia.
Today, the CEO of Gazprom said that “the prospects for the growth of natural gas consumption in the world are placed in Asia and mainly in China” Alexei Miller added that in 2022 exports to Beijing exceeded, “after China’s request”, the quantities stipulated by the contracts.
In addition to the Power of Siberia 1 natural gas pipeline, Gazprom plans to increase exports from the Russian Far East and through the Power of Siberia 2 pipeline. According to Alexei Miller, the export channels will allow the shipment of about 100 billion cubic meters of Russian natural gas in China.
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