Despite geopolitical tensions, the EU imported a record amount of Russian liquefied natural gas (LNG) in the past year, according to data from the energy analysis firm Rystad Energy. European terminals received 17.8 million tonnes of LNG from Russia, a two-million-tonne increase from the previous year, as reported by The Guardian.
The ongoing war in Ukraine and the decline of gas imports from Russia via pipelines have made LNG a more attractive option for the EU. Russian LNG is often offered at a lower price than alternative supplies, and some volumes are even resold, further increasing Russia’s share as a supplier to the EU.
According to the latest data from Rystad Energy, the EU imported 49.5 billion cubic meters of gas via pipelines and 24.2 billion cubic meters in the form of LNG from Russia in 2024. Russia has even surpassed Qatar as the EU’s second-largest LNG supplier, with the US remaining the top supplier. Rystad Energy analyst Jan-Eric Fähnrich noted that Russian LNG deliveries have reached a “record level”.
Data from the Research Centre for Energy and Clean Air (CREA) also shows a significant increase in Russian LNG exports to the EU, with a total of 17.5 million tonnes in 2024, valued at around 7.32 billion euros. “The reason for this increase is quite simple” explained CREA analyst Vaibhav Raghunandan, “Russian LNG is being offered at a discount compared to alternative suppliers. Since no sanctions have been imposed on the raw material, companies are acting in their own interests and buying larger and larger quantities of gas from the cheapest supplier.”
While the EU imposed sanctions on Russian oil and coal in 2022, LNG was largely spared. The EU has now announced that it will ban the re-export of Russian LNG to non-EU countries from March onwards.