Russian Deputy Prime Minister Oleksandr Novak said on Thursday that Russian gas exports to the European Union will drop by 50 billion cubic meters (bcm) this year, Interfax news agency reports, Reuters reports.

Last year, the export of Russian gas to the EU amounted to about 150 billion cubic meters.

Russian energy supplies to Europe have fallen significantly this year amid sweeping Western sanctions against Russia following the start of what Moscow calls a “special military operation”.

Before sending troops into Ukraine, Russia supplied about 40% of gas to the EU. That share fell to 9 percent as Moscow cut supplies to Europe, blaming the drop on technical problems caused by Western sanctions.

Also on Thursday, Gazprom said its natural gas exports to non-CIS countries fell 38.8% to 84.8 billion cubic meters (bcm) from January 1 to September 15 compared to the same period last year.

Europe views capping Russian gas prices as a way to stem the rapid rise in energy prices and punish Moscow for its actions in Ukraine.

Last week, Vladimir Putin said that Russia would stop exporting energy if such restrictions were imposed.

A high-ranking Gazprom official said on Thursday that there is no alternative to Russian gas for Europe.

“There is no country capable of providing resources comparable to the resources of the deposits of Siberia and the Yamal Peninsula,” Oleg Aksyutin, deputy chairman of Gazprom, said at the conference.