The decline in Gazprom’s deliveries and revenues cut deeply into Russia’s export earnings. For the year 2013, Russia earned $73 billion from natural gas exports. If the third quarter declines in sales were to continue at the same pace for a year, Russia’s earnings from natural gas to Europe would fall by $10 billion, which equals 15% of gas export sales worldwide. The Russian budget and the financially-strapped Gazprom can’t afford dollar losses of this magnitude.
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