Not sure where you are getting your information, but from a European perspective (which is Russia's by far biggest customer) oil is predominantly imported by tanker, and natural gas by pipeline. I presume you are thinking about LNG (liquified natural gas) via tanker, but the infrastructure for that is more expensive, and more importantly, very small (on all sides) compared to pipelines. It will take time to build out. But don't take my word for it, being bored on a train I actually took the time to look up the figures. "In 2016, almost 90% of Russia’s 7.5 Tcf of natural gas exports were delivered to customers in Europe via pipeline": https://webcache.googleusercontent.com/search?q=cache:1AKclsUKBHQJ:https://www.eia.gov/beta/international/analysis.php?iso=RUS+&cd=18&hl=en&ct=clnk&gl=se European import figures: Also from an EU policy department report: "Only 20% of the oil are imported through pipelines, whereas pipelines account for 85% of the natural gas", http://www.europarl.europa.eu/RegData/etudes/note/join/2009/416239/IPOL-ITRE_NT(2009)416239_EN.pdf Russia is definitely looking to expand LNG exports, but it will take a while. Currently they have like 4% of a tiny market: https://www.reuters.com/article/us-...ng-market-helped-by-lower-costs-idUSKCN1IX4FI However, the entire LNG market is projected to be $20B by 2025 according to this forecast: https://www.grandviewresearch.com/press-release/global-liquefied-natural-gas-lng-market Considering that Russia currently exports $93B worth of oil and $38B worth of gas, the LNG ramp up will be a small factor for decades. They do have spare capacity in their gas pipelines to Europe though, but that is not something they can control. European energy dependency on Russia is a problem, and the reason the EU built those LNG terminals to begin with. However, long term it is a mutual depdency, because if they don't play nice, they will have a $40B billion hole in their $250B budget, which is ~15% of their revenue: https://en.wikipedia.org/wiki/List_of_countries_by_government_budget. This article from RT of all places basically sums it all up: https://www.rt.com/business/426126-russia-energy-exports-revenues/ So no, the gas market will be much less elastic than oil for quite some time, and Russia cannot easily offset loss of oil revenue by LNG in the near future. However, organic growth in pipeline exports, or the new pipelines under construction may help a bit near-term. Not that I think the oil price will go much lower for long, or that they are desperate yet, but at some point they might. Long term my bet is on renewables and Russia's dominant export is fossil fuels.