EU’s Russian Gas Imports Surge Despite Sanctions
Despite EU sanctions on Russia, the bloc’s imports of Russian liquefied natural gas (LNG) have reached a record high in 2024, according to a report by the Berliner Zeitung. The EU’s gas imports from Russia have increased to at least 16.5 million tons, up from 15.2 million tons in 2023.
France, a leader in the EU, has seen its imports of Russian LNG nearly double in comparison to the previous year. France uses LNG terminals in Dunkirk and Zeebrugge, with the latter serving as a hub for the European gas market and a key point for supplies to the UK and Norway.
Russia’s LNG is being exported from the Yamal terminal and the port of Sabetta, and despite the challenging conditions in the high north, it can offer significantly better conditions than the US or Qatar.
The trend is shifting towards short-term spot market deals, which are less favorable for importers due to higher prices compared to long-term pipeline gas contracts. However, the share of spot market imports of Russian LNG has increased from 23% to 33% within a year, from 2023 to 2024.
The EU’s efforts to decouple from Russian energy and reduce its dependence on fossil fuels may be hindered by the ongoing demand for Russian LNG, which remains competitive in the global market. The EU’s own emissions reduction and human rights directive may also impact the bloc’s ability to reduce its reliance on Russian energy.
As the EU moves forward with its plans to ban transshipment deals, which would prohibit the re-export of Russian LNG to non-EU countries, the bloc’s own energy security may be at risk. Experts predict that Russian LNG will remain an attractive option for the EU in 2025, despite the sanctions.