14:51 - 28.07.2026

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July 28, Fineko/abc.az. Kirill Polus, Deputy Head of the Department at Gazprom PJSC, said during his speech at international forum IndoPacific LNG Summit 2026 in Indonesia that the U.S.’ dominance in the European liquefied natural gas (LNG) market has led to a sharp increase in fuel prices.

According to Polus, current European gas prices are 3-fold higher than during the period when significant volumes of Russian pipeline gas were supplied to the market.

Company's representative noted that today, around 60% of LNG imports to Europe and more than 90% of Germany's imports come from the U.S.

Until 2022, Gazprom provided up to 40% of Europe's gas needs. However, due to sanctions and reorientation of customers towards suppliers from the U.S., Qatar, and Norway, Russian company's exports to Europe decreased from 201.7 bcm in 2021 to approx. 18 bcm in 2025.