EU imports record volumes of LNG from Russia

LNG tanker

The European Union (EU) is on track to import record volumes of liquefied natural gas (LNG) from Russia this year, the Financial Times reported, citing an analysis of industry data by the NGO Global Witness.

In the first seven months of this year, Belgium and Spain were the second and third-biggest buyers of Russian LNG, respectively, behind China.

Overall, the Eurozone’s LNG imports were up 40% between January and July this year, compared with the same period in 2021, prior to Russia’s full-scale invasion of Ukraine.

Global Witness said the cost of the LNG imported from January to July at spot market prices amounted to €5.29 billion.

“It is shocking that countries in the EU have worked so hard to wean themselves off piped Russian fossil gas only to replace it with the shipped equivalent,” Jonathan Noronha-Gant, senior fossil fuel campaigner at Global Witness, was quoted as saying.

“It does not matter if it comes from a pipeline or a boat — it still means European companies are sending billions to [Vladimir] Putin’s war chest,” he continued.