Europe imported record quantities of Russian liquefied gas (LNG) in 2024, The Guardian reported Thursday, pointing out data from energy analysts.Despite heavily lowering its imports of piped Russian gas a crucial source of profits for Russias war chest following the Kremlins full-scale intrusion of Ukraine, Europe has increasingly purchased LNG from Russia and other countries.European ports received 17.8 million tons of LNG from Russia in 2024, over 2 million heaps more than in 2023, the paper reported, pointing out data from Rystad Energy.In terms of volume, Europe imported 49.5 billion cubic meters (bcm) of Russian gas through pipelines and 24.2 bcm in LNG, said Jan-Eric Fhnrich, a gas expert at Rystad Energy.Fhnrich kept in mind that some of these imports were resold to other countries.The Centre for Research on Energy and Clean Air (Crea)s information said the European Union imported17.5 million tons of Russian LNG in 2024 a 14% year-on-year rise in volume totaling7.32 billion euros ($7.5 billion).
The reason for the increase is fairly easy, Vaibhav Raghunandan, a Russia expert at Crea, informed The Guardian.
Russian LNG is used at a discount to alternative suppliers With no sanctions troubled the commodity, companies are running in their own self-interest and purchasing increasing amounts of gas from the most affordable supplier.The data comes days after Ukraine ended the decades-long transit of Russian natural gas to Europe through its pipelines.The EU prohibited Russian crude oil and coal after Moscow got into Ukraine in 2022 but has actually stayed away from total bans on pipeline gas and LNG.In June 2024, the EUsaid it would prohibit the transshipment of Russian LNG that goes on to non-EU nations and prohibit brand-new investments and services in LNG production projects in Russia from March 2025.
Fhnrich told The Guardian that in 2015s boost in Russian LNG imports may have been tied to efforts to ship volumes ahead of the brand-new sanctions.