Exports of gas from Russia to countries around the world (the ones that did not use to be in the Soviet Union) in the fourth quarter of 2022 plummeted by 64% year-on-year, the Russian Central Bank reports.
According to the regulator, the export drop accelerated in comparison with 2022 Q3 when it reached 61%.
To explain this fact, Central Bank analysts pointed the finger at the fact that gas exports to Europe via Nord Stream-1 were halted as well as the abnormally warm winter which pushed the average gas price down by 39%: from $2,281 per 1,000 cubic metres in Q3 to $1,400 in Q4.
The Central Bank clarified that the sharp end of supplies to the EU was partially offset by the increase in exports to China which exceeded the contractually agreed volumes.