The Institute for Energy Economics and Financial Analysis (IEEFA) has issued a report, estimating that EU member states have cumulatively spent close to €7 billion on Russian liquefied natural gas (LNG) last year.
Key markets remain France, Belgium, and Spain, accounting for 85% of Russian LNG imports, with smaller amounts flowing into the Netherlands and Greece, High North News notes with a reference to the report.
Nevertheless, the EU’s greater reliance on renewable energy and demand reduction policies have allowed it to reduce total LNG imports by 16% in 2024. On the other hand, LNG imports from Russia grew by 18%.
European countries have put an effort into reducing their reliance on Russian gas shipments after the beginning of Russian-Ukrainian war, but so far, their success in doing so was uneven.
The report also notes how the UK has decreased its LNG imports by 47% in 2024, more than any other European nation. The country was also the first to step away from Russian liquefied gas banning its import at the start of 2023.
Theodor Lisovoy, Managing Editor, Rough&Polished
