EU hits record high in Russian gas imports in 2024 - media

Financial Times reported the information.

According to commodity data provider Kpler, as of mid-December, Europe has imported a record 16.5 million tons of Russian LNG, surpassing last year's imports of 15.18 million tons. This volume also exceeds the previous record of 15.21 million tons set in 2022.

“What we have seen this year is surprising,” said Ana Maria Jaller-Makarewicz, an analyst at the Institute for Energy Economics and Financial Analysis. “Instead of gradually reducing Russian LNG imports, we are increasing them.”

Unlike pipeline gas imports, which have dropped to a minimum, and Russian oil and coal, which are banned in the EU, imports of Russian LNG are still allowed and continue to grow. This reflects a "panicking" Europe still struggling to wean itself off cheap supplies, emphasized Jaller-Makarewicz.

LNG supplied from Russia's Yamal terminal to Europe is "significantly cheaper" than gas delivered from the United States, noted gas analyst Christoph Halser.

The report highlights that Europe previously imported about two-fifths of its gas from Russia, most of which was delivered via pipelines. Currently, total gas imports from Russia, including pipeline gas, account for about 16% of the EU's overall gas supply.

European officials are convinced that the bloc does not need Russian fuel, even if it means accepting higher prices to source gas elsewhere. However, as noted in the report, Russian LNG accounted for 20% of the EU’s total seaborne fuel imports this year, up from 15% last year, according to ship-tracking data.

Not all Russian LNG brought to Europe is consumed within the region. Some of it is transshipped and sent to other parts of the world, the authors add.

• Earlier, it was reported that Russia's share of the European liquefied natural gas (LNG) market increased to 20% in the first half of 2024.