The EU imported record volumes of Russian liquefied natural gas (LNG) in 2024. Official Brussels claims that it is trying to reduce its dependence on gas from the aggressor country amid its war against Ukraine, but so far without success.
Points of attention
- Russian LNG dominates the European market, despite EU attempts to reduce imports.
- One of the main reasons is the cheap price of gas from Russia.
- Some of the Russian LNG imported to Europe is transshipped and shipped to other parts of the world.
Russian LNG dominates the European market
According to journalists, as of mid-December, Europe imported a record 16.5 million tons of Russian liquefied gas.
What is important to understand is that last year it was about 15.18 million tons.
These indicators have already been commented on by Ana Maria Yaller-Makarevich, an analyst at the Institute of Energy Economics and Financial Analysis.
"What we have seen this year is shocking. Instead of gradually reducing imports of Russian LNG, we are increasing it," the expert was indignant.
De facto, this means that EU members cannot achieve one of their main goals.
Despite this, interestingly, imports of Russian gas to the EU via pipelines have been reduced to a minimum.
Imports of Russian LNG are still allowed and growing, suggesting that a "panicking" Europe is still trying to wean itself off cheap supplies, Yaller-Makarevich noted.
Why Europe still hasn't been able to abandon Russian LNG
The first thing is that LNG supplied from the Russian terminal in Yamal to Europe is much cheaper than gas coming from the United States.
In the past, the EU imported about two-fifths of its gas from Russia, most of which came via pipelines.
However, as of today, total gas imports from Russia, including pipeline gas, account for only about 16% of total gas supplies to the EU.
EU officials are adamant that the bloc does not need Russian fuel, even if it means agreeing to higher prices to buy gas elsewhere. But Russian LNG has accounted for 20% of the EU’s total seaborne fuel imports this year, up from 15% last year, according to ship-tracking data.
Experts point out that not all Russian LNG brought to Europe is consumed in the region.
Some of it is transshipped and sent to other parts of the world.
