Gazprom exports less but earns more than 2014

Despite weak European hub gas prices and less demand, Russia made more money from exports to Europe in the first half of this year than in the same period of 2014

The weaker ruble/euro exchange rate translated into bigger ruble receipts, according to monopoly Gazprom. Gas exports to the EU and Turkey of 80.4bn cm were down by 6.5% from the previous year, its unaudited financial results showed 31 August. Nevertheless earnings from its highest-margin export business were up, from rubles 883.2bn to rubles 946.6bn. The average price per 1000cm was up from rubles 12,843.4 to rubles 13,551.5. Sales to the former Soviet Union were down by a third, while the unit price rose by a sixth, translating into a drop in sales; while its biggest-volume, smallest-margin market, the Russian Federation, saw a closer relation between the drop in volume (4.3%) and the drop