Abstract: the security of European natural gas supplies has rarely been far from the political agenda. New gas pipelines and LNG projects require a high level of attention, especially in the context of the growing need for imports from the European Union: its own production is declining; long-term contracts for about 100 billion cubic meters expire by 2025; and there is some threat to gas consumption – at least in the short term – while coal and nuclear power plants are retired. Currently, Russia is sending record volumes to Europe, while the LNG utilization rate remains relatively low. Restrictions on European production capacity and import infrastructure (with more than half of the pipelines operating at monthly peaks above 80%) could contribute to market uncertainty in the coming years, especially if Asia continues to absorb the increasing LNG liquefaction capacity. The article deals with the question of Russia’s ability to meet the demand for gas on the European market, including in conditions of peak loads on the system, and to guarantee stable and uninterrupted supplies of natural gas at a competitive price.
Keywords: Russia, natural gas, reserves, production, natural gas trade