Russia’s gas exports have risen by around a third since 2013, to an estimated 5 billion cubic meters per day, and the country is still the world’s largest gas exporter, the country’s gas and oil minister, Igor Sechin, has told reporters in Moscow.
Russia’s gas imports have also grown by 20 percent, Sechin said.
“This is a real development,” Sechin added.
“We are now in a situation of a very serious crisis in the world market.”
The country is in a crisis because of the drop in oil prices.
According to Sechin’s office, Russia is losing almost 30 percent of its oil exports this year.
The price of oil is now at around $50 a barrel, while the ruble is trading at about 40.
It is cheaper for Russians to buy oil in the form of Brent crude than to pay with cash.
Sechin said that the Russian economy is in an economic crisis and the government is currently looking for new ways to keep its people employed and provide them with basic needs.
At a recent meeting with the Russian Central Bank, Segal said he is trying to convince banks to open up to new lending.
However, Sechen said that some banks have already turned down new financing because of concerns over inflation.
He said that he hopes that banks will start lending to Russia again.
Meanwhile, the Russian government has begun to cut the state-owned oil company Rosneft.
Rosneft is Russia’s largest oil company, and has been under sanctions by the West since 2013 over its alleged involvement in the Ukraine crisis.
Earlier this year, Rosneftegaz, Rosnerbüchlers and Rusfinnybank all announced that they would all close by the end of this year as well.
President Vladimir Putin has also called on the oil and gas sector to create jobs and has also ordered the country to increase production by 5 percent per year.