Overview
- European underground storage held about 63 bcm on December 31, 2025—10.6 bcm less year over year—with Gazprom warning that lower inventories reduce storage deliverability during cold snaps.
- LNG inflows into the EU gas system set a 2025 record at over 142 bcm, up 28% from 2024, with December imports reaching roughly 12.7 bcm for a new monthly high.
- Pipeline deliveries via the European branch of Turkish Stream totaled about 18.06 bcm in 2025, the highest to date, and this route has been Gazprom’s only pathway to Europe since Ukrainian transit ended on January 1, 2025.
- The EU Council formalized a phased prohibition on Russian gas: pipeline short‑term contracts from June 17, 2026 and long‑term from November 1, 2027, with LNG short‑term from April 25, 2026 and long‑term from January 1, 2027, and existing contracts allowed until January 1, 2028.
- Analysts report Gazprom preserved key financial metrics and increased shipments to China and Central Asia during 2025, partially offsetting reduced European transit.