Gas production in Russia has reportedly fallen to levels not seen since the 1970s, according to Newsweek. Gazprom's report for the first half of 2023 indicates that gas production amounted to 179.45 billion cubic meters. Gas supplies, both domestically and to foreign markets, have decreased by 26.5% compared to the same period last year.

Several factors have contributed to this decline in production. Sanctions imposed on Russia following its large-scale invasion of Ukraine have had a significant impact. Additionally, Europe has reduced its dependence on Russian energy sources, opting to purchase American LNG and gas from countries like Norway and Qatar.

Forecasts suggest that by 2026, Russian gas exports to Europe could decrease to as little as 15 billion cubic meters. In response to these challenges, the Russian Federation is looking to bolster its trade relations with China to compensate for the losses in gas exports to Europe.