Gazprom announced on Tuesday that European gas prices could rise by 60% this winter, to more than $4,000 per 1,000 cubic meters, as the Russian state-owned company’s exports and production continue to fall following Western sanctions, Reuters reports.

Gas flows from Russia, Europe’s main supplier, have been low this year after a route was shut down when Moscow sent troops into Ukraine in February and after sanctions led to a dispute over the equipment used for the Nord Stream 1 gas pipeline. As a result, the price of gas increased.

“Gas prices on the spot market in Europe have reached $2,500 (per 1,000 cubic meters). According to some conservative estimates, if the trend persists, prices will exceed $4,000 per 1,000 cubic meters this winter,” says Gazprom.

In the spring, at the TTF hub in Amsterdam, where reference prices for natural gas in Europe are set, quotations reached a record level of almost 335 euros for a Megawatt hour (MWh), and on Tuesday they were around 226 euros for a Megawatt hour, but far above the level at which they were a year ago, of approximately 46 euros per MWh.

Kiev closed one of Gazprom’s routes for exports to Europe, while Gazprom reduced deliveries to just 20% of the cpaity of the Nord Stream 1 gas pipeline to Germany due to the equipment dispute, according to Agerpres.

Overall, Gazprom’s gas exports fell 36.2% to 78.5 billion cubic meters between January and August 15, while production fell 13.2% to 274.8 billion cubic meters, compared to the previous year, according to the press release of the Russian company.