EU LNG imports from Russia record highest peak in last 3 years

According to data from the think tank Bruegel, EU LNG imports from Russia amounted to 14.67 billion cubic meters in 2020. In this period, the largest monthly LNG import was recorded in May 2020 with 1.74 billion cubic meters.

The EU received a total of 14.22 billion cubic meters of LNG from Russia in 2021. In this period, the largest monthly import was recorded in December 2021 with 1.68 billion cubic meters.

LNG DID NOT FACE SANCTIONS

After Russia’s operations in Ukraine on February 24, 2022, steps taken by Western countries to end their energy dependence on Russia affected trading of natural gas with coal, oil and pipelines, but bypassed imports of LNG.

Although EU natural gas imports from Russia via pipelines fell by 80 percent in the first year of the war, LNG imports reached the highest level in three years. The EU imported 19.2 billion cubic meters of LNG from Russia last year.

INCREASED 35 PERCENT

This figure is 31% higher than LNG imports in 2020 and 35% higher than the volume in 2021. Last year, the EU’s largest monthly LNG import from Russia was recorded in May at 1.96 billion cubic meters. The EU imported 1.5 billion cubic meters of LNG from Russia in January 2023.

According to data from the Center for Research on Energy and Clean Air (CREA), in the first year of the war, Russia’s fossil fuel export revenue decreased by 50 percent, while Russia’s fossil fuel export revenue the EU decreased by 90 percent. Currently, Russia earns 560 million euros per day from total exports of fossil fuels.

EU embargo decisions on Russian coal in August 2022 and on Russian crude and oil products in December 2022 and February 2023 came into force. Although the EU did not impose sanctions on Russian gas, Russia reduced considerably its exports of natural gas through pipelines, while the LNG trade faced no sanctions in the first year of the war.

Despite the impact of the sanctions, the EU imports 100 million euros of fossil fuels from Russia every day.

While €30 million of this figure is made up of pipeline gas, €30 million of crude oil, €30 million of petroleum derivatives and €10 million of LNG imports, the EU is the second largest exporter of fuels. Fossils from Russia after China located in the destination.

Julian Popov, a member of the European Council on Foreign Relations and a former Bulgarian environment minister, asserted that the EU did not impose full sanctions on Russian gas, saying that “8 percent of EU gas imports still come from Russia.” . saying.

Stating that Russia’s energy war against Europe started before the Ukraine War and has been going on for the past 18 months, Popov said LNG is a priority among measures taken by Europe against gas restrictions and high prices. .

Emphasizing the importance of LNG supply and low prices, Popov said: “Now Europe has clearly won the energy war with Russia. While the EU cut its gas consumption by 20 percent, industrial production remained unchanged. The EU will find new alternatives and opportunities to guarantee an adequate supply in the gas market. Through renewable energy and energy efficiency, ways to reduce the consumption of natural gas are also sought. Sanctions on Russian LNG are likely to be imposed after the EU finds new supply opportunities and ways to further reduce gas demand.” he said.

On the other hand, explaining that LNG is a global product and that imposing sanctions on Russian LNG will not serve to completely reduce the country’s gas export revenue, Popov said: “If the sanctions do not lead to a reduction in the Russian budget that fuels the war, they can remain mostly symbolic. The sanctions must be such that they do not harm the executor more than the applied one. he performed the assessment of it.

UNITED KINGDOM FINISHES LNG IMPORTS

Warwick Business School Professor of Global Energy Michael Bradshaw said the EU and UK measures were similar during the energy crisis and the war, but differed on gas and LNG imports from Russia. It currently does not import LNG in any way, especially from Russia. This does not apply to Europe. I can say that all EU member states, except Lithuania, directly or indirectly import LNG from Russia.” he said.

As of January 1, 2023, the UK has stopped importing LNG from Russia altogether. (AA)