Russian gas monopoly Gazprom is to institute a sharp drop in gas prices to Europe, lowering the average price per 1000 cubic metres from USD 400 to 280, Gazprom deputy chairman Alexander Medvedev announced on June 24 in Moscow. Total proceeds from the gas are expected to drop as a result to USD 40 billion, compared to the record 65 billion in 2008, Medvedev said. Gas deliveries to countries outside the former Soviet Union are to shrink in 2009 to 142.1 billion cubic metres down by 11 percent compared to the prior year, he said.