EU Russian LNG Imports Rise Despite Phase-Out Plans

Although European Union member states voted by a qualified majority in January to fully phase out imports of Russian liquefied natural gas (LNG) by the end of 2026 and pipeline gas by November 2027, imports are rising sharply in the short term.

In the first quarter of this year, the EU absorbed almost all the gas brought to market by Russia’s Yamal LNG project in the Arctic, according to data from analytics firm Kpler. A total of 97% of shipments were delivered to Europe, the Financial Times reported.

This marks a year-on-year increase of 17%. The project is operated by the Russian private company Novatek, which is also the main exporter.

The surge is largely driven by tensions in the global LNG market linked to the conflict in Iran and the blockade of the Strait of Hormuz, a key route for roughly one-fifth of global LNG supplies.

As LNG is traded globally and demand remains high in both Asia and Europe following a harsh winter, European buyers have increasingly purchased gas regardless of its origin.

(ft, echo24, sak)