When the CEO of Russian state gas giant Gazprom, Alexei Miller, opened a lavish Italian palazzo-styled building in central St Petersburg to house the company's export arm 11 years ago, he augured a future funded by European sales.

The European Union aims to end its use of Russian fossil fuels by 2027 and its overall gas consumption has decreased in part due to a shift to renewable energy sources. Last year, Gazprom posted a net loss of $7 B for 2023,

"According to Gas Infrastructure Europe (GIE), as of February 28, the last day of the calendar winter, 39.2 billion cubic meters of gas remain in European underground storage facilities. This is 38.5% of the storage volume and 24.3 billion cubic meters less than a year ago," the company reports.

Russian and European officials say the US is exploring ways to work with energy giant Gazprom PJSC on global projects, a step toward forging closer ties with the Kremlin while trying to broker a peace deal on Ukraine.