This Hasn't Happened Since Brezhnev.

Russian gas exports to Europe have broken through the "bottom".

Russian gas exports to Europe continue to hit a more than 50-year low, according to The Moscow Times.

For January-October this year, Gazprom pumped 14.7 billion cubic meters to European customers, Reuters calculated based on statistics from Turkish Stream, the last operational pipeline to supply the EU.

Compared to the same period last year (26.6 billion cubic meters), exports to Europe collapsed another 45% due to the termination of the transit contract through Ukraine, through which Europe received 12.9 billion cubic meters of gas in January-October 2024.

With the current pumping rate, gas exports from Russia to the EU could end the year at around 18 billion cubic meters, and that would be the lowest volume since the early 1970s, when Soviet General Secretary Leonid Brezhnev negotiated the first contract for supplies to Austria. Thus, Europe received 19.3 billion cubic meters of Russian gas in 1975, 54.8 billion cubic meters in 1980 and 110 billion cubic meters in the early 1990s. The supply record was set in 2018-19, when Gazprom pumped 170-180 billion cubic meters to European countries, or 80% of all gas sold to non-CIS countries.

Since then, volumes have collapsed 10 times, and Gazprom's gas business has become unprofitable. In January-September, the company lost another 170.3 billion rubles, according to its RAS statements, which take into account only gas assets (without oil production, LNG and energy companies). Last year, gas production and sales brought Gazprom a net loss of 1.076 trillion rubles - that is, an average of 20.6 billion rubles per week, 2.94 billion rubles per day, or 122 million rubles per hour.

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