Russian gas in Europe: yet it is moving

Two years after the large-scale invasion, we were saying, the picture has changed considerably. For the better, considering Putin’s use of gas. According to European Union data, the share of Russian gas imported via pipelines fell from 40% of the total in 2021 to 8% in 2023. Including liquefied natural gas, or LNG, we are talking about 15% . Little, but at the same time a lot. LNG, on the other hand, is one of the alternatives through which the Union has reduced its dependence on Russia. Relying on partners like Qatar and the United States. At the same time, it allowed Russian LNG to (re)enter suppliers at heavily discounted prices. If we take LNG imports alone, according to Kpler data, the Russian Federation was the second largest supplier to the European Union in 2023, with a share of 16%. A dizzying increase, +40%, compared to 2021. Who did this LNG go to? To Belgium, France and Spain. Attention: since Europe, technically, does not need all this gas – the Old Continent is about to embrace the hot season with record levels in terms of stored gas, with deposits 59% full – much of the LNG imported from Russia it is re-exported to third countries, primarily Asian ones. Generating profits for some EU member states and companies.