After Russia’s military involvement in Ukraine began last year, the European Union (EU) swiftly imposed a series of sanctions on Russia due to its energy dependence on Russian gas. However, paradoxically, the imports of liquefied natural gas (LNG) from Russia by Western Bloc nations have surged by nearly 40% over nearly two years since the conflict’s initiation.
Kpler’s analysis revealed that during the initial seven months of 2023, EU member states purchased over half of the available Russian LNG in the market. The imports for January-July 2023 totaled 22 million cubic meters, significantly surpassing the 15 million imported during the same period the previous year. This surge has led Spain and Belgium to become the second and third largest purchasers of Russian LNG after China, highlighting their critical roles as gateways for LNG supply into the EU.
Despite the EU’s strong stance against Russia’s actions and its intentions to reduce reliance on Russian gas, this increase in LNG imports appears contradictory. The anti-corruption group Global Witness conducted an analysis stating that EU countries now constitute the majority of Russia’s LNG buyers, inadvertently supporting a significant revenue stream for the Kremlin.
The divergence between the EU’s objectives to diversify its energy sources and the growing Russian LNG imports raises questions about the reasons behind this trend. One factor contributing to this increase is the disruption caused by the conflict in Ukraine, prompting a rise in LNG shipments from various global sources, including Russia, to compensate for the reduction in pipeline gas.
Interestingly, despite the EU’s sanctions on Russian oil and coal imports, restrictions on storing gas in the EU, and the prohibition of investments in Russian energy, some member states have struggled to fully transition away from Russian gas. For instance, Belgium, which relies heavily on gas storage terminals in its ports of Zeebrugge and Antwerp, faces practical challenges in completely cutting off Russian gas without affecting neighboring markets.
Similarly, Spain finds itself in a similar situation, encouraging its operators not to renew LNG contracts with Russia until an EU-wide agreement is established. This demonstrates the complexity of disentangling from Russian gas supply due to existing infrastructure and economic considerations.
In conclusion, the EU’s increased imports of Russian LNG, despite its diplomatic stance and intended diversification efforts, can be attributed to the intricate interplay of energy infrastructure, market dynamics, and geopolitical circumstances.
By FCCT Editorial Team
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