Russia is preparing to stop gas transit through Ukraine, while its oil and gas revenues have increased by 26% over the year.

In its internal plan for 2025, Russian Gazprom assumes that gas will no longer flow to Europe via transit through Ukraine. This is the base scenario that Russia is considering, writes Reuters.

It is predicted that Russian gas exports to “far abroad,” mainly European countries and Turkey, will fall by 20% in 2025 to almost 39 billion cubic meters from more than 49 billion cubic meters this year. This will result from Ukraine’s refusal to provide transit for Russian fuel. Earlier, Moscow sent a signal that it is open to negotiations to continue using Ukrainian transit.

According to the agency’s calculations, Russia’s federal budget revenues from oil and gas in November 2024 will decrease by ₽0.43T (-36%) compared to October and amount to ₽0.78T. And compared to November last year, total revenue will decrease by ₽0.18 trillion (-19%). At the same time, in the first  11 months of the year, Russia will receive ₽10.3T from hydrocarbons (+₽2.1T, +26% compared to the corresponding period last year).