Gazprom

Gazprom is Russia's state-controlled gas company and was, until 2022, the dominant pipeline supplier to Europe. Its only surviving European route is TurkStream, running to Hungary, Slovakia, Serbia, and Austria. The EU's 17 June 2026 short-term pipeline import ban exempts Gazprom's long-term TurkStream contracts until 30 September 2027; the market priced it as a legal marker rather than a supply shock, with the CEGH-TTF basis compressing 80% by 11 June. TurkStream's own monthly data remains a battleground for single-source claims: an EADaily figure of 40.3 MCM/day for April (a claimed -25% month-on-month) was undercut by Reuters' ENTSOG-based calculation of 41 mcm/day (-1.7% year-on-year). June deliveries then genuinely fell, to roughly 1.08-1.09 bcm (about 36 MCM/day, down some 24% on May) as flows were restricted and then halted for scheduled maintenance, though first-half 2026 volumes were still running about 5% ahead of the same period in 2025.

Founded in 1989 from the Soviet Ministry of Gas Industry, Gazprom is listed on the Moscow Exchange with the Russian state holding roughly 51% via Rosimushchestvo. It once supplied about 40% of EU gas imports; the European pivot to LNG and Norwegian pipeline gas has collapsed that share, and the company has not published its own monthly delivery statistics since January 2023, a blackout that lets single-source figures dominate the narrative for weeks at a time.

Gazprom's remaining European exposure is now almost entirely TurkStream-dependent. Hungary's deliveries rose 17% in 2025 and, with long-term contracts exempt until at least September 2027, the June ban's near-term revenue hit is confined to short-term volumes. The real test comes when that exemption lapses and Gazprom loses its last significant European pipeline income stream.