EGF Gazprom Monitor, Issue 134, July 2022

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A Snapshot of Key Developments in the External Relations of the Russian Gas Sector

By Dr Jack Sharples, EGF Associate Researcher on the External Dimensions of Russian Gas and Research Fellow on the Natural Gas Research Programme, Oxford Institute for Energy Studies

Key points:

  • Main story: Nord Stream gas flows return after maintenance, but only at partial capacity: Nord Stream annual maintenance; Portovaya compressors — recap of events in June; Portovaya compressors — the July "blame game"; Gazprom retroactively declares force majeure; Putin comments on compressor situation
  • Europe: European Commission proposes reduction in EU gas consumption in winter 2022/23 to cope with potential loss of Russian supply;
  • Ukraine: Russian gas exports to Europe via Ukraine remain stable
  • Other: Gazprom shares plunge almost 30% after decision not to pay dividends for the first time since 1998
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