Turk Stream delivers gas under the Black Sea to Turkey and on to Bulgaria. The disruption in deliveries is another hit to Russia's total gas export volumes to Europe, which were only 8.33 billion cu m between January and June 2025, down from 15.5 billion cu m in the same period a year earlier.

Mounting Financial Struggles for Gazprom
The most recent reduction in supply compounds Gazprom's persistent financial problems. The company suffers from difficult times because exports to Europe continue declining. Internal estimates suggest Gazprom would lose 15 trillion rubles (€162bn) in revenues between 2025 and 2034, as a result of limited export markets.

The Gazprom forecasts suggest that shipments of gas to Europe and Turkey will fall by more than half, from 2019 levels, by 2025, to barely 47 billion cubic meters, and then plunge to 34 billion cubic meters by 2034.

Although Gazprom reported a net profit of €12.95bn in 2024, its base gas business was still in the red, with a net loss of 1tn rubles. This compares with a loss of €6.79 billion in 2023 under international financial reporting standards.

The company's waning gas footprint in Europe is a sign that it is likely to face long-term challenges adjusting to a changing market, limits on its infrastructure and geopolitical isolation.