Russia will fill European gas reserves once it has completed its reservoirs. According to Reuters, Gazprom will start filling European storage facilities on November 8.
According to Russian President Vladimir Putin, Gazprom will fulfill its contractual obligations to European consumers and create a more favorable situation for the European energy market.
Alexey Miller, the head of Gazprom, said Gazprom would reach a target of 72.6 billion cubic meters of gas pumped into Russia's underground warehouses by November 1, and the filling procedure would be completed by November 8.
"As soon as we finish supplying gas to the Russian Federation's UGS facilities, Gazprom will start pumping gas to European UGS facilities," Miller said.
He noted that the volume of Russian gas in Europe's underground reserves is "insignificant" and is less than 190 thousand cubic meters.
Gas prices in Europe have risen sharply in recent months. As early as the beginning of August, a thousand cubic meters of gas was traded at $ 515 per thousand cubic meters at the TTF hub in the Netherlands, a figure that doubled by the end of September.
According to the Financial Times, one of the reasons for the increase in gas prices is the fact that Gazprom refused to supply additional volumes through Ukraine in order to increase exports to Europe.
EU Commissioner for Labor and Social Rights Nicholas Schmidt said that millions of people might be impoverished due to an extremely high gas and electricity prices in Europe.
