Vladimir Putin criticizes sanctions targeting Gazprom

The Russian gas giant Gazprom, targeted by international sanctions for the past year, has been at the center of criticism from President Vladimir Putin, who denounced "direct attempts" by the West to "hinder the development" of the company. Despite a 25.1% drop in its gas exports in 2022, Gazprom has launched new projects to cope with the situation, in particular by turning to Asia where energy demand is strong.

Partagez:

Vladimir Putin recently criticized the West’s “direct attempts” to “hinder the development” of Gazprom, the national gas giant that has been targeted by international sanctions for the past year. Putin made the statement during a video conference speech on the occasion of the company’s 30th anniversary.

European and American sanctions against Russia in retaliation for Russia’s military intervention in Ukraine have hit the Russian gas sector hard. Gas exports fell by 25.1% in 2022, with the European Union significantly reducing its imports of Russian gas. However, Gazprom has launched new projects to cope with the situation.

 

A virtually closed European market

Europeans have almost completely stopped importing Russian gas through pipelines. However, they continue to purchase liquefied natural gas (LNG) transported by sea on LNG carriers. Gazprom, which has a monopoly on Russian gas exports by pipeline, has redirected part of its exports to Asia, where energy demand is strong.

 

Redirecting gas exports is difficult for Russia

Some observers believe that it is more difficult for Russia to redirect its gas exports than for oil, which has also been heavily sanctioned, because the necessary infrastructure (gas pipeline, plants and LNG tankers…) is particularly expensive and takes time to build. Despite this, Gazprom has announced that it plans to begin construction as early as 2024 of a new gas pipeline, “Siberian Force 2”, to northwest China.

 

Gazprom, “one of the engines” of Russian national growth

With nearly half a million employees, Gazprom, which holds the largest gas reserves in the world, is “one of the engines” of Russian national growth, Vladimir Putin said. Although the sanctions have affected the company’s results, Gazprom has launched new projects to cope with the situation. Time will tell if the shift in its export focus to Asia will be enough to keep the company afloat.

The increase in oil drilling, deepwater exploration, and chemical advances are expected to raise the global drilling fluids market to $10.7bn by 2032, according to Meticulous Research.
Enbridge Gas Ohio is assessing its legal options following the Ohio regulator's decision to cut its revenues, citing potential threats to investment and future customer costs.
The European Union extends gas storage regulations by two years, requiring member states to maintain a minimum fill rate of 90% to ensure energy security and economic stability amid market uncertainties.
Woodside finalises the divestment of a 40% stake in the Louisiana LNG project to Stonepeak, injecting $5.7 billion to accelerate developments and optimise financial returns ahead of first gas delivery scheduled in 2026.
Keranic Industrial Gas seals a sixty-day exclusivity deal to buy Royal Helium’s key assets, raise CAD9.5mn ($7.0mn) and bring Alberta’s Steveville plant back online in under fifteen weeks.
The Irish-Portuguese company Fusion Fuel strengthens its footprint in the United Arab Emirates as subsidiary Al Shola Gas adds AED4.4 mn ($1.2 mn) in new engineering contracts, consolidating an already robust 2025 order book.
Cheniere Energy validates major investment to expand Corpus Christi terminal, adding two liquefaction units to increase its liquefied natural gas export capacity by 2029, responding to recent international agreements.
A study by the International Energy Agency reveals that global emissions from liquefied natural gas could be significantly reduced using current technologies.
Europe is injecting natural gas into underground storage facilities at a three-year high, even as reserves remain below historical averages, prompting maximized imports of liquefied natural gas (LNG).
South Korea abandons plans to lower electricity rates this summer, fearing disruptions in liquefied natural gas supply due to escalating geopolitical tensions in the Middle East, despite recent declines in fuel import costs.
Russia positions itself to supply liquefied natural gas to Mexico and considers expanded technological sharing in the energy sector, according to Russian Energy Minister Sergey Tsivilyov.
Israel has partially resumed its natural gas exports to Egypt and Jordan following a week-long halt due to the closure of two major offshore gas fields, Leviathan and Karish.
Nepal reveals a significant potential reserve of methane in the west of the country, following exploratory drilling conducted with technical support from China, opening new economic prospects.
Petronas formalizes a memorandum with JOGMEC to secure Japanese LNG deliveries, including a first cargo from LNG Canada scheduled for July at Toho Gas.
Belgrade is currently finalising a new gas contract with Russia, promising Europe's lowest tariff, according to Srbijagas General Director Dusan Bajatovic, despite Europe's aim to eliminate Russian imports by 2027.
TotalEnergies and QatarEnergy have won the Ahara exploration licence, marking a new stage in their partnership with SONATRACH on a vast area located between Berkine and Illizi.
After four years of interruption due to regional insecurity, TotalEnergies announces the upcoming resumption of its liquefied natural gas project in Mozambique, representing a $20bn investment.
The French group has acquired from PETRONAS stakes in several licences covering more than 100,000 km² off Malaysia and Indonesia, consolidating its Asian presence and its exposure to the liquefied natural gas market.
In response to rising summer electricity consumption, Egypt signs import agreements covering 290 shipments of liquefied natural gas, involving major international firms, with financial terms adjusted to the country’s economic constraints.
Egyptian fertilizer producers suspended their activities due to reduced imports of Israeli gas, following recent production halts at Israel's Leviathan and Karish gas fields after Israeli strikes in Iran.