Why is Russia's revenue still high despite reducing gas exports?
(Baonghean.vn) - CNN news agency said that although Russia's natural gas supply has decreased by more than a quarter, income from gas supply is still increasing.
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Illustration photo. Photo: AP |
So far, Russia's Gazprom energy group has cut off gas supplies, equivalent to 20 billion cubic meters, to consumers in six European countries - Poland, Bulgaria, Finland, Denmark, Germany and the Netherlands - because these countries did not pay in rubles under new rules imposed by Russia.
Gas prices have risen to an average of 96 euros ($102) per megawatt hour in 2022, James Huckstepp, a gas analyst at S&P Global Commodity Insights, explained. “Therefore, Russia’s revenues are unlikely to fall significantly without further cuts,” he said.
After Russia launched a special military operation to demilitarize and defascize Ukraine, the European Commission created the REPowerEU plan. This plan aims to reduce gas imports from Russia by two-thirds, or about 100 billion cubic meters, by the end of this year. According to the International Energy Agency (IEA), in 2021, the European Union (EU) imported 155 billion cubic meters of green fuel from Russia, equivalent to 45% of Europe's total imports./.
