General – LNG Import

European countries’ imports of Russian LNG increased more than 40 percent between January and October this year (17.8 billion cubic meters) compared to the same period in 2021.

Russian LNG is not subject to sanctions by the EU.

In fact, Russian gas is considered essential to the energy security of some European countries. Yet there is nothing to stop Putin from cutting back on these gas supplies as well in retaliation for anti-Russian measures by the West. This could still force the EU to purchase the gas on the more expensive spot market.

France, Belgium, Spain, and the Netherlands accounted for almost all volumes.

Most Russian LNG is supplied by the Yamal LNG joint venture, which has Russian gas producer Novatek as its main shareholder. French energy giant Total is also in Yamal LNG, by the way.

This proves how difficult it is for Europe to break away from the Kremlin’s energy apparatus. Despite other boycotts of Russian energy products.

Source: Financial Times and Business AM