EU imports record volume of Russian LNG

(MENAFN) In 2024, the European Union imported a record volume of liquefied natural gas (LNG) from Russia, despite efforts to reduce dependence on Russian energy. Bloomberg reports that Russia's LNG exports to the EU reached an all-time high of 15.5 million tons, surpassing previous years’ figures, with a noticeable increase compared to 2020's 10.5 million tons. This surge occurred before Ukraine suspended its transit of Russian gas through its pipelines to the EU.

Despite ongoing geopolitical tensions and sanctions, including a ban on ship-to-ship transfers for re-exporting Russian LNG to third countries, EU countries continued to purchase LNG from Russia. The region's efforts to cut reliance on Russian energy have faced challenges, and experts suggest Europe will likely continue to buy Russian LNG to replace lost pipeline imports. Russia remains the EU’s second-largest LNG supplier, following the US, and accounted for 15% of total LNG imports in the first half of 2024.

Moscow has also continued to export gas to Europe via the TurkStream pipeline and plans to expand its share of global LNG markets.

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