Without the EU market, pipeline exports of Russian gas will drop by 62%.

Russian business media reported that the export of gas to the European region will fall from 206 billion cubic meters in 2021 to 80 billion cubic meters in 2023. Due to sanctions against Russia and Gazprom’s request for gas payment in rubles, its exports fell by almost half last year, from 206 to 122 billion cubic meters. This year, the indicator may fall another 35% to 80 billion cubic meters. The fall is explained by the loss of the primary export market – the EU countries.

The situation is similar with gas production. The forced decrease may amount to about 30 billion cubic meters and a 120 billion cubic meter total reduction in production volumes from 2021.

According to experts, record prices for gas in the EU allowed Russia to increase revenue from gas exports to $138B. However, in 2023, when prices have fallen, and volumes are decreasing, export revenues will decrease by 68.8% to $43B.