Russia is burning an estimated $10 million worth of natural gas a day near its border with Finland, analysts say, even as it threatens to push Europe into a winter energy crisis by restricting exports to Germany and other countries.

State gas giant Gazprom is burning off, or "flaring," about 4.34 million cubic meters of gas a day at a new liquified natural gas (LNG) facility, according to analysis of heat levels and satellite data by Rystad Energy.

That's equivalent to 1.6 billion cubic meters on an annual basis, or about 0.5% of the bloc's gas demand, and worth about $10 million a day based on last week's European spot gas price. The Rystad analysis was first reported by the BBC on Friday.

The flaring at Gazprom's Portovaya plant is an "environmental disaster," Rystad said, with about 9,000 tons of carbon dioxide being emitted every day. That's the same amount of emissions produced over a whole year by more than 1,100 average American homes.

The plant is close to a compressor station at the beginning of the Nord Stream 1 pipeline, one of the main arteries carrying Russian gas to the European Union.

Rystad said that Russia is burning gas that would otherwise have been exported to Europe through the pipeline, which usually accounts for more than a third of Europe's gas imports but where flows have been throttled back to just 20% of normal levels.

Gazprom, Russia's state energy company, did not immediately respond to CNN's request for comment.

Overall, gas exports to Europe from Russia are down 77% so far this year compared to the same period in 2021, according to Rystad. Last year, Moscow accounted for 45% of the European Union's total gas imports, data from the International Energy Agency shows.

The bloc has been trying to wean itself off Russian gas since the invasion of Ukraine six months ago. It is racing to fill up its storage facilities, cut its demand and secure alternate energy sources to avoid having to ration energy this winter.

So why is Russia sending some of its precious gas up in smoke? It could be part of routine operations — or it could be sending a message to Europe.

"The flaring flame is highly visible, perhaps indicating that gas is ready and waiting to flow to Europe if friendly political relations resume," Rystad said in its note.