The Russian pipe market has faced a decline due to various restrictions and challenges. TMK, a leading Russian pipe producer, reported a decrease in sales revenues and demand for its products in 2024. Factors contributing to this downturn include high interest rates, restrictions on oil production under OPEC+ agreements, and the absence of large-scale projects for major gas and oil pipelines. These challenges have led to reduced domestic demand for pipe products, impacting the overall market performance.