During the years of the war against Ukraine, revenues from the Russian Federation’s gas exports have decreased fourfold.

The failed attempt to freeze Europe, which deprived Russia of a key natural gas sales market, has collapsed gas revenues in the Russian budget, say analysts from the Russian Gaidar Institute.

According to the first quarter’s results, only ₽114B ($1.22B) in gas export duties were delivered to the treasury. In annual terms, revenues from gas exports fell by 17%, or ₽24B ($256.8M), and if compared with the same period in 2022, they fell by 77%.

In general, the declining gas sales to European customers deprived the Russian Federation of 1.9% of ’its GDP. Russia’s export revenues from gas approached the lowest value ​​for six years.

In turn, Naftogaz of Ukraine said that Russian gas is still arriving in Europe through Ukraine, but its volume is less than 5% of the total volume of supplies to the EU. Ukraine will not renew its transit contract, so countries like Austria and Slovakia must look for alternatives.