EU imports record amount of LNG from Russia

BRUSSELS

The European Union’s (EU) liquefied natural gas (LNG) imports from Russia reached record levels with a total of 13.2 billion cubic meters from January to July, according to data compiled by Anadolu.

EU countries, who collectively set a target to reduce dependence on Russian energy in the next few years, have also become Russia’s biggest customer in LNG, according to the international non-governmental organization Global Witness and the Energy and Clean Air Research Center (CREA).

The share of EU countries in Russia’s LNG exports was 39% in the January-July period of 2021. It increased from 49% in 2022 to 52% in 2023.

Thus, EU countries bought more than half of Russian LNG exports despite the Russia-Ukraine war.

The EU imported 9 billion cubic meters of LNG during the same period of 2021, before the Russia-Ukraine war, marking a 46.6% increase in 2023.
For its LNG imports in the 7 months of 2023, EU countries paid Russia about €5.3 billion.

During the period, 18% of Russia’s total LNG sales were made to Spain and 17% to Belgium.

The EU’s annual LNG import capacity is estimated at 157 billion cubic meters. Although this capacity is sufficient to meet approximately 40% of the EU’s total gas demand, infrastructure limitations in various parts of Europe prevent LNG from being transferred to all countries.

Before the war, the EU imported 40% of its natural gas from Russia. With the war, Russia’s share in natural gas shipments to the EU fell to 8%.

Under the EU’s new energy strategy, outlined last year, the EU plans to end its dependence on Russian fossil fuel sources by 2027. However, the increase in the EU’s LNG imports from Russia revealed the inconsistency with the set target.

Russia’s fossil fuel revenues total over €400 billion

Since the beginning of the war on Feb. 24, 2022, Russia has earned a total of €413 billion from fossil fuel exports.

Of this revenue, €277 billion came from oil sales, €101 billion from natural gas and €35 billion from coal sales.

EU countries have bought fossil fuels from Russia for around €162 billion since the beginning of the war. Of this, €3.4 billion was paid for coal, €64 billion for natural gas and €94.6 billion euros for oil.

Meanwhile, natural gas shipments from Russia to European countries through pipelines declined drastically. Before the war, Russia sold 150 billion cubic meters of natural gas per year to Europe. Natural gas sales fell to around 60 billion cubic meters last year.   * Writing by Zeynep Beyza Kilic in Ankara

• European Union
• Liquefied natural gas
• Russia