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Gazprom
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Gazprom

Russian state gas major; sole remaining pipeline supplier to Central Europe via TurkStream.

Gazprom's last European pipeline route is now a court fight: Hungary challenged the EU's 17 June import ban at the CJEU, with Slovakia preparing to follow, while TurkStream's exemption keeps contracts alive only until September 2027.

Last refreshed: 31 July 2026 · Appears in 2 active topics

Key Question

Are TurkStream's June gas flows a real decline, or just scheduled maintenance?

Timeline for Gazprom

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Background

Gazprom heads into the second half of 2026 defending its last European income stream while the rest of its export business contracts. TurkStream, the sole surviving pipeline into Hungary, Slovakia, Serbia and Austria, carries the bulk of its remaining EU deliveries, and its exemption from the EU's short-term gas ban runs until at least 30 September 2027.

The company was created in 1989 out of the Soviet Ministry of Gas Industry and is listed on the Moscow Exchange, with the Russian state holding roughly 51% through the property agency Rosimushchestvo. It once supplied around 40% of the EU's gas imports; the European pivot to LNG and Norwegian pipeline gas has since collapsed that share, and Gazprom stopped publishing monthly delivery statistics in January 2023, leaving outside estimates as the only source for volume figures.

Its pivot east remains stalled: the Power of Siberia 2 pipeline to China has no construction timeline, deadlocked since a September 2025 memorandum over Beijing's demand for gas near its own subsidised domestic rate against the price Gazprom's other clients pay. With the TurkStream exemption and the China talks both running out within roughly eighteen months, Gazprom's medium-term revenue outside Russia depends on outcomes it does not control.

Key Issues
TurkStream exemption

Its exemption survives an unresolved court challenge

Hungary took the EU's 17 June short-term pipeline gas ban to the Court of Justice in February 2026, and Slovakia signalled it would join the challenge. By 11 June neither had secured a stay, so the ban proceeded on schedule while Gazprom's long-term TurkStream contracts stayed untouched.

For Gazprom the exemption is now the whole of its remaining European income, since TurkStream is the only pipeline route Left once the short-term contracts lapsed. Nine days before the ban's start, on 8 June, no court order had emerged to interrupt it, leaving the litigation as the only mechanism that could still pull the September 2027 cut-off forward.

Common Questions
Is Gazprom still supplying gas to Europe in 2026?
Yes, but only via TurkStream through Turkey to Hungary, Slovakia, Serbia, and Austria. The EU's 17 June 2026 ban covers only short-term contracts; Gazprom's long-term TurkStream supply agreements run exempt until 30 September 2027.Source: Lowdown
What happened to Gazprom's European gas exports after 2022?
Gazprom lost roughly 40% of the EU gas market after 2022 as European states switched to LNG and Norwegian pipeline supplies. Nordstream was destroyed, Ukrainian transit ended, and only TurkStream remains as a functional route to European buyers.Source: Lowdown
Which countries still import Russian gas via TurkStream?
Hungary, Slovakia, Serbia, and Austria. Hungary's TurkStream deliveries rose 17% in 2025; long-term contracts for Hungary and Slovakia run exempt from the EU ban until 30 September 2027.Source: Lowdown
Does the EU's June 2026 Russian gas ban affect Gazprom's TurkStream contracts?
Only partially. The 17 June 2026 EU ban covers short-term pipeline contracts signed before 17 June 2025, removing roughly 5 bcm/year. Gazprom's long-term TurkStream supply contracts to Hungary and Slovakia are exempt until 30 September 2027.Source: Lowdown
Why did Gazprom stop publishing gas delivery statistics?
Gazprom has not published monthly delivery data since January 2023. The blackout is believed to reflect the company's sensitivity about the scale of its revenue losses following the European market pivot to LNG and Norwegian supply.Source: Lowdown
Did Gazprom's gas flows to Europe drop in June 2026?
Yes, TurkStream deliveries fell to roughly 1.08-1.09 billion cubic metres in June 2026, down about 24% on May, after flows were restricted then halted for scheduled maintenance in early June. Despite the monthly dip, first-half 2026 volumes were still running about 5% ahead of the same period in 2025.Source: Interfax/TASS
Who owns Gazprom?
The Russian state holds roughly 51% of Gazprom via the federal property agency Rosimushchestvo, making it Russia's state-controlled gas major.Source: Lowdown
Has Ukraine attacked Gazprom's oil and gas facilities?
Yes. Ukraine's deep-strike drone campaign hit the Gazprom Neftekhim Salavat petrochemical complex in Bashkortostan on 13-14 July 2026, the last major Gazprom-linked fuel producer untouched by strikes until then, part of a wider run of hits on Gazprom Neft refining sites through the year.Source: Lowdown
Is Gazprom profitable in 2026?
Its core gas business returned to profit in early 2026, though Q1 net profit under Russian accounting standards halved year-on-year to roughly 148 billion rubles (about $2bn), propped up by a domestic tariff hike rather than an export recovery, after a 2024 loss topping 1 trillion rubles.Source: Lowdown
Why is the Power of Siberia 2 pipeline to China stalled?
Talks have deadlocked over price. Beijing wants gas priced near its subsidised domestic rate of about $50 per thousand cubic metres, against the $420 average Gazprom's other international clients pay, and no construction timeline exists despite a September 2025 memorandum.Source: Lowdown
Source Material
Gazprom PJSC