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Russia's LNG exports: EU panic brings unexpected boom!
Putin's influence over the EU is increasing: despite sanctions, imports of Russian LNG are increasing while the economic consequences are being weighed.
Russia's LNG exports: EU panic brings unexpected boom!
Vladimir Putin continues to push for a strong export strategy for Russian liquefied natural gas (LNG) to the EU, despite existing moves in Europe to move away from these imports. According to a report by Mercury The EU significantly increased its imports of Russian LNG in 2024, which is interpreted as a response to possible supply concerns.
Analyst Ana Maria Jaller-Makarewicz speaks of a “panic” in the EU, which is also reflected in the numbers. By mid-December 2024, the EU imported a record 16.5 million tons of Russian liquefied natural gas. In 2024, Russian LNG accounted for 20% of total EU imports of seaborne fuel, up from 15% the previous year. France in particular imported more Russian LNG in 2024 than in any other year since 2018, primarily through the Dunkirk terminal. This development is favored by the comparatively low price of Russian LNG compared to gas supplies from the USA.
Regulatory aspects
Although the EU imposed sanctions on Russian LNG in the summer of 2024, the import itself does not remain banned. Only transshipment within the EU is affected. An unpublished EU Commission document estimates that replacing 14 billion cubic meters of Russian gas should have little impact on natural gas prices in the EU. Despite these efforts, the EU has emphasized that it can do without Russian LNG.
The Yamal pipeline plays a central role by transporting Russian LNG from the Yamal Peninsula in Siberia to Europe. At the turn of the year, the transit agreement between Russia and Ukraine expired, which means a loss of financial income for Russia. These strict framework conditions show the complexity of the energy relations between Europe and Russia.
Additional data on LNG imports between January 2020 and March 2024 is available Statista available. These show the EU's monthly import volume of LNG from Russia and provide detailed insights into long-term developments in this area.
– Submitted by West-East media