Europe’s import of Russian LNG jumps 42% amid Russia-Ukraine war: EU Report

The European Union has witnessed a 42 percent increase in the imports of Russian Liquefied Natural Gas (LNG) between January-October, compared to the same period last year, according to a Financial Times report.

In comparison to 17.8 billion cubic meters (bcm) last year, the continent has imported 62.1 bcm of natural gas this year. The top importers are European countries like the Netherlands, Belgium, France, and Spain.

The Yamal LNG joint venture supplies the majority of the LNG used in Russia. The Chinese state fund, France’s Total, China’s CNPC, and Russia’s Novatek are the other main shareholders.

Since the start of the Russia-Ukraine conflict, more than nine months have passed. The West, particularly the European Union, asserted forcefully that it would be reducing its reliance on Russian energy.

Contrarily, the substantial growth in imports implies that Europe is prepared to appeal to both audiences. While the West has placed restrictions on Russian goods and businesses, it has purposefully shunned the energy and utility sectors.

Europe’s growing dependency on Russian LNG could end up costing them

According to experts, Europe’s growing dependency on Russian LNG could end up costing them dearly. Russia has demonstrated in the past that it is capable of forcing the Europeans to submit through the use of its “oil and gas” exports.

Europe was troubled all summer long by the Nord Stream 1 pipeline’s interruption of the gas supply. The problems were made worse by the subsequent sabotage of both Nord Stream pipelines.

Winter has arrived, and the pious nations of Europe may be in for a long, dreary winter if Moscow decides to cut off the LNG supply. The Kremlin will remain encamped in Ukraine until Putin’s goals are achieved as long as Europe continues to finance it by purchasing gas and oil.

Winter was always going to put a severe test on the European Union’s ability to stand united against Russia in the wake of the Russia-Ukraine crisis. And if the numbers are to be believed, it looks like the cohesion has in fact broken down.