Annual Review of Russian Gas Exports in 2025 & Outlook for 2026: Implication For LNG Gas Markets
End of Ukraine War and AI Power Demand Would Increase Demand for Russian Gas (With 6 ChartS)
A resolution to the Russia-Ukraine war could reopen European markets for Russian pipeline gas, while explosive growth in AI data centers is fueling global electricity demand — increasingly met by natural gas-fired power plants — potentially creating new export opportunities for Russia in the medium term.
Key Points:
Europe’s Russian gas imports reach historic lows as Moscow accelerates pivot to Asia
China emerges as Russia’s top gas buyer, with Power of Siberia pipeline deliveries hitting record 38.8 bcm in 2025, exceeding design capacity
Turkey surpasses EU as Russia’s largest remaining European market via TurkStream pipeline
Western sanctions continue to hinder Arctic LNG 2 project, delaying full ramp-up and limiting export growth potential into 2026