Russia expects prices for its natural gas exports to soar 140% this year as Moscow cuts supplies to Europe, report says

The economy ministry expects the price of natural gas to more than double this year.

The average price this year is expected to be $730, up 140% from the previous year and 39% higher than the previous forecast.

The price of gas in Europe has gone up since the invasion of Ukraine by Russia.

After this year, Russia's gas export prices will go down to $471.8 in 2023, $383.9 in 2024, and $331.6 in 2024, though they will still be above pre-Invasion levels.

Russia expects to keep reducing its gas exports. After falling to 170.4 billion cubic meters in 2022 from 208.6 billion in 2021, exports will fall further.

Russia plans to benefit from a tight energy market and strong buyers in Asia, according to a document seen by the news agency.

The decline in export volume will be compensated by high gas prices. According to Moscow, energy export revenue will increase by 27% this year.