EU imports record volumes of liquefied natural gas from Russia

The EU is set to import record volumes of liquefied natural gas from Russia this year, despite aiming for the bloc to wean itself off Russian fossil fuels by 2027.

In the first seven months of this year, Belgium and Spain were the second and third-biggest buyers of Russian LNG behind China, Financial Times reports citing the analysis of industry data by Global Witness, a non-government organisation.

Overall, EU imports of the super-chilled gas were up 40 per cent between January and July this year compared with the same period in 2021, before Russia’s full-scale invasion of Ukraine.

The jump comes from a low base as the EU did not import significant amounts of LNG before the war in Ukraine due to its reliance on piped gas from Russia.

But the rise is much sharper than the global average increase in imports of Russian LNG, which was 6 per cent over the same period, Global Witness said.

The NGO’s analysis is based on data from industry analytics company Kpler, which showed that the EU is importing about 1.7 per cent more Russian LNG than it did when imports hit a record high last year.

Global Witness said the cost of the LNG imported from January to July at spot market prices amounted to €5.29bn. “It’s shocking that countries in the EU have worked so hard to wean themselves off piped Russian fossil gas only to replace it with the shipped equivalent,” said Jonathan Noronha-Gant, senior fossil fuel campaigner at Global Witness. “It doesn’t matter if it comes from a pipeline or a boat — it still means European companies are sending billions to [Vladimir] Putin’s war chest.”

Russian LNG accounted for 21.6mn, or 16 per cent, of the EU’s total 133.5mn cubic metres of LNG imports (equivalent to 82bn cubic metres of natural gas) between January and July, Kpler data shows, making it the bloc’s second-biggest supplier of the liquid fuel after the US.