Arctic LNG continues to be the main Russian fossil fuel purchased by the EU
Kyiv • UNN
The EU continues to import Russian Arctic LNG at record levels, accounting for 50% of Russian exports. This is influenced by the absence of EU sanctions on LNG. From December 2022 to October 2023, the EU received more than €8.3 billion worth of Russian LNG.
Despite the full-scale Russia's full-scale invasion of Ukraine, European countries continue to import Russian Arctic liquefied natural gas (LNG) at record levels, according to a a new report by the Center for Research on Energy and Clean Air (CREA) and the Business4Ukraine coalition. This was reported by High North News, UNN.
Details
The EU has not yet imposed any sanctions against LNG imports, so imports of liquefied natural gas (LNG) by countries on the continent continues. According to the new report, the EU remains the destination for 50% of Russia's LNG exports, sending more than 1.5 billion cubic meters per month sends more than $1 billion to Russia every month.
LNG was the main fossil fuel purchased by the EU from Russia in January-November 2023. (...) Russia has experienced a surge in LNG export revenues, especially as its liquefied natural gas remains free of EU sanctions. Between December 2022 and October 2023, half of Russia's LNG exports totaling €8.3 billion were directed to the EU market
It should be noted, that the EU also facilitates the transshipment of Russian LNG to buyers outside the European continent. More than 20% of Yamal LNG passes through terminals in Europe, where it is is transshipped from specialized ice-capable vessels to conventional LNG tankers for further transportation.
The key hub is the port of Zeebrugge, where Fluxys, the gas transmission system operator, operates regasification and storage terminal. In 2015, the company signed a a long-term gas storage agreement until 2035 with Novatek. The agreement allows for the acceptance of up to 8 million tons of LNG, which is about 105 shipments, through this facility.
EU member states should immediately ban the transshipment of Russian LNG in their ports, which is then sent to destinations outside the EU. Russia depends on these ports for the logistics and storage of LNG destined for non-EU countries
The gradual cessation of of transshipment of Russian LNG seems to be an easy task, as it will will make it more difficult to export LNG from Russia without affecting the energy security of the EU. The United States recently announced sanctions aimed at limiting Russian transshipment efforts. transshipment efforts, but according to EU officials, the bloc has no plans to follow suit. to follow suit.
To recap
The EU is going to to authorize member states to stop importing gas from Russia and Belarus.
Earlier, UNN reported earlier that according to POLITICO, new measures aimed against Russian liquefied natural gas were not expected.
