EU scoops up historic quantities of Russian LNG
Date
1/11/2025 5:22:07 PM
(MENAFN) In 2024, Russian liquefied natural gas (LNG) exports to the European Union reached a record high, according to Bloomberg, which cited ship-tracking data. This surge occurred prior to Ukraine’s decision to halt pipeline gas transit through its territory to the EU at the end of the year, ending a five-year agreement with Russia's Gazprom.
The EU's total imports of Russian gas amounted to around 30 billion cubic meters, with over half of that flowing through Ukrainian pipelines. Meanwhile, Russian LNG shipments to Europe hit an all-time high of 15.5 million tons in 2024, marking a significant increase from 10.5 million tons in 2020.
Despite efforts by the EU to reduce its reliance on Russian energy, economist Tatiana Orlova from Oxford Economics stated that Europe will still require Russian gas, with LNG imports likely to rise in response to lower pipeline gas supplies. Russia continues to export gas through the TurkStream pipeline to Türkiye and Central Europe.
While the EU has introduced sanctions targeting Russian energy, the latest sanctions have only partially affected LNG imports. In June 2024, Brussels imposed a ban on re-exporting Russian LNG, though a transition period remains in effect. As of mid-2024, Russia remained the second-largest LNG supplier to Europe, after the U.S., accounting for 21% of imports.
President Vladimir Putin affirmed that Russia intends to further expand its share of the global LNG market, as demand for the fuel remains strong worldwide.
MENAFN11012025000045015687ID1109079749
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.