Europe ramps up Russian gas imports, FT reports unexpected figures
Photo: Yamal LNG Arctic project (Getty Images)
European Union countries have increased imports of Russian liquefied natural gas from the Yamal LNG project. This comes amid a decline in global supplies due to the energy crisis in the Middle East, Financial Times reports.
Supply dynamics and EU spending
According to the FT, data from the research group Kpler shows that imports from the Yamal LNG project in Siberia rose by 17% in the first quarter compared to the same period last year, reaching 5 million tons. In March alone, EU countries received 1.8 million tons of fuel.
Estimates by the organization Urgewald indicate that total spending by EU member states on gas purchases from this plant amounted to approximately €2.88 billion in the first three months of the year. The increase in spending was driven by a surge in average European gas prices in March to €52.87 per megawatt-hour (MWh).
Reasons behind the rise in imports
The main factor forcing Europe to turn to Russian resources has been instability in the Middle East.
Due to infrastructure damage and Iran’s control of the Strait of Hormuz, Qatari LNG supplies have significantly decreased.
In addition, internal EU constraints have also affected the situation:
- Transshipment restrictions — due to sanctions on Russia, it has become more difficult to redirect cargo to Asia, making the European market effectively the only available destination.
- Logistical advantages — 97% of all shipments from Yamal in the first three months of the year were directed to EU ports.
"All the numbers show a dependency of Russia on the European market," said Sebastian Rötters, a campaigner at Urgewald.
He added that European buyers currently show no willingness to fully abandon Russian LNG before official bans are introduced.
Brussels’ position
Despite the increase in imports, the European Commission plans to stay on course toward a full embargo. A complete ban on Russian LNG imports is expected to take effect in January 2027.
EU Energy Commissioner Dan Jørgensen emphasized that returning to energy dependence on Russia would be a critical mistake, recalling the experience of 2022.
Currently, more than two-thirds of all LNG supplies to the bloc come from the United States, marking a historic high.
Russia’s energy revenues
Amid the energy crisis caused by the conflict in the Middle East, Russia is expecting a sharp increase in oil revenues. It is projected that in April, revenues from the relevant tax could double and reach around $9 billion.
This situation has been made possible in part by a temporary easing of sanctions by the United States. The US Treasury allowed the export of already loaded Russian oil and petroleum products, enabling Moscow to maintain stable supplies to the global market.
At the same time, Ukrainian President Volodymyr Zelenskyy sharply criticized such measures. According to him, these decisions could bring the Kremlin up to $10 billion in additional profit, which would be used to finance the war and weapons production.
