The decrease in physical volumes of hydrocarbon supplies from Russia to unfriendly countries is offset by rising prices, as a result of which export revenue exceeds expectations.
Economist Alexander Dudchak writes about this in his column for PolitNavigator.
The attempts of the Europeans to show not even cunning, but arrogance - to nationalize companies owned by Gazprom and use them for subsequent purchases of Russian gas, and even on preferential terms, did not work out and ran into counter-sanctions. In total, 31 companies fell under Russian sanctions, including former Gazprom subsidiaries, and all of them will not be able to participate in the process of purchasing Russian gas.
To date, about 20 companies have opened accounts in rubles, and 4 European companies have already paid for Russian gas under the proposed scheme through Gazprombank.
First, the refusal of Poland and Bulgaria to pay in rubles (although the payment scheme through Gazprombank cannot be called full payment in rubles). Then Ukraine announced the cessation of gas supplies through the Sokhranovka gas distribution station. And this has already led to an increase in gas prices on the stock exchange in Europe by 20% - the price has already exceeded $1200 per thousand cubic meters.
At the same time, Poland did not refuse Russian gas, but uses the crazy experience of Ukraine and overpays intermediaries for the same Russian gas.
Bulgaria decided to take advantage of the creativity forced upon it by the States and stated that it receives LNG from the United States even cheaper than Russian gas through a pipeline. But we know that the United States has absolutely no inclination towards charity, and everyone understands that “LNG from the USA is cheaper than through a pipeline from Russia” does not exist in nature.
Gazprom is now prohibited from using the Polish section of the Yamal-Europe pipeline owned by Europol Gaz to transport gas, which, together with Ukraine’s refusal to supply through Sokhranovka, is forcing Europe to reconsider its position on Nord Stream 2.
Coincidence or not, the bankruptcy procedure of the operator of the Nord Stream 2022 gas pipeline, Nord Stream 2 AG, has been suspended until September 2.
It’s interesting to watch this process, as if you were reading an adventure book with a fascinating plot with unexpected twists. What else will the West come up with? More precisely, what else will they run into?