Once Russia’s largest energy supplier to the European Union, Gazprom now relies on a single remaining pipeline route to the continent—TurkStream—after the closure or suspension of other export corridors following Russia’s invasion of Ukraine. That route could also face disruption in the coming years. Bulgaria has said it plans to end the transit of Russian gas once existing contractual and legal obligations expire, potentially before 2028. As pipeline supplies have dwindled, Europe has increasingly relied on Russian liquefied natural gas (LNG) shipments, which are not subject to the same level of restrictions as pipeline gas. Gazprom, meanwhile, has sought to pivot toward Asian markets. The company reported a $1.7 billion profit in the third quarter, reflecting stronger sales outside Europe and higher gas prices.
