Russian gas flows to Europe dropped sharply this week as some buyers under long-term deals have already hit their contracted supply limits for the year, according to people with direct knowledge of the matter. European benchmark gas futures soared to a record Tuesday as Gazprom PJSC’s exports through a major transit route to Germany halted. The supply drop was due to a decrease in client requests for the fuel, said the people, who declined to be identified because the matter is private. Gazprom and its customers typically arrange a minimal volume that must be supplied and paid for each year under a pre-set formula that, this year, allowed much lower prices than those at trading hubs. If a buyer wants more gas, they have to pay the prevailing market rate, which topped 180 euros a megawatt-hour this week from less than 20 euros at the start of the year. […]