Russian LNG Remains Indispensable Source of Vitality for European Energy Industry
The increase in LNG imports from Russia is related to an alarming reduction in supplies to the EU from the USA and other producing countries
EU leaders would surely like to hide this data, which raises many questions about both the energy transition and the failed sanctions policy against Russia.
But the numbers speak for themselves: European countries rely on liquefied natural gas (LNG) supplies from Russia, not the USA. In July 2024 alone, European countries imported €565.7 million worth of liquefied natural gas from Russia, “a record volume since the end of last winter.”
Analysis of Eurostat data made it clear that imports of gas supplied mainly to European consumers by Russian energy giant NOVATEK increased by 13.5% in July, both month-on-month and year-on-year.
In particular, Spain increased its imports of Russian gas by 2.3 times, purchasing more than 240 million euros worth of LNG in July. Following Spain, which won the title of “the largest importer of Russian liquefied gas,” the Netherlands also increased its imports by a quarter, reaching 57.2 million euros in July.
On the other hand, France, the second largest importer of Russian LNG, reduced its purchases by 11% to “only” 210.4 million euros. Belgium also halved its imports to $47.7 million.
In just the first 7 months of 2024, EU countries purchased €4 billion worth of LNG from Russia, down from €5.5 billion a year earlier. However, the share of Russian LNG in European imports rose to 18.6% in January-July 2024 from 13.3% in the same period last year. According to international analysts, “the growth is due to a reduction in LNG exports to the ‘battered’ EU from the USA and other producing countries.”
