Natural gas prices in Europe have risen to a level three times higher than during the period when significant amounts of Russian gas were supplied to the market, according to Kiril Polous, Deputy Department Head at Gazprom.
Speaking at the 'IndoPacific LNG Summit 2026' in Indonesia, Polous addressed the shift in energy dynamics. Prior to the war in Ukraine, Gazprom was Europe's largest natural gas supplier, having increased its market share to 40% by 2022 through approximately 50 years of pipeline investments.
Following sanctions, Gazprom lost a significant portion of its European customers to alternative suppliers, including Norway, Qatar, and the US. Shipments from the Russian energy company to Europe fell from 201.7 billion cubic meters in 2021 to approximately 18 billion cubic meters in 2025.
US dominance in the LNG market
Polous highlighted the increasing role of the United States in the European energy landscape, stating that 60% of Europe's LNG imports are now supplied by the US. In Germany, the US share of LNG imports has exceeded 90%.
Gazprom argued that the weight of the United States in the European LNG market has increased prices. Polous noted that while Europe was previously criticized for its dependence on Russian natural gas, the current market is dominated by Washington.
Risks and reliability of LNG
Addressing the reliability of different fuel types, Polous stated that claims regarding LNG being more reliable than pipeline gas are inaccurate.
Polous also warned that LNG shipments remain vulnerable to disruptions at production facilities and risks at strategic transit points, including the Panama Canal, the Strait of Hormuz, the Strait of Malacca, and the Bab el-Mandeb strait.