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Russia’s Challenge in Replacing Lost EU Gas Exports

Executive Summary:

  • Russia is increasingly turning east to find new export markets for its natural gas, maximising use of existing infrastructure.
  • Russia looks set to see its flows into Europe restricted further, as Ukraine pledges not to renew its current transit deal at the end of 2024.
  • To fully replace lost European volumes, the Kremlin will need to complete longer-term projects, the viability of which is under question.
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