Europe still “hostage” of Russia as regards the gas supplies. Despite efforts to free itself from dependence on Moscow for energy supplies, there are still alarming signs about the role the Russian nation plays in the energy needs of the old continent.
One fact above all helps to understand the real European situation. In May, the Europe’s gas imports from Russia exceeded supplies from the United States for the first time in almost two years.
While there were only isolated events that allowed Russia to be so instrumental, its apparent return as a key supply partner highlights Europe’s problems in reducing its dependence on Russian gas.
Several Eastern European countries, for example, are still completely dependent on imports from the Kremlin, according to consultancy ICIS. This means that the energy challenge remains one of the most relevant and complex for the old continent. Will the link with Russia be necessary forever?
Russian gas still arrives in Europe: what’s happening?
After Russia’s invasion of Ukraine in February 2022, Russian gas supplies plummeted. Instead, Europe increased the LNG imports and the United States became the old continent’s main gas supplier in September 2022. As of 2023, it accounts for about a fifth of the gas.
However, in May, according to ICIS data, Russian gas and LNG accounted for 15% of total European supply. The LNG from the United Stateshowever, accounted for just 14%, the lowest level since August 2022.
Gas supplies in May were affected by some specific factors, including the closure of a major US liquefied natural gas export facility, while Russia sent more raw material through the Türkiye before scheduled maintenance in June. It should be highlighted, in fact, that Russia has stopped sending gas through pipelines to north-western Europe, but continues to do so via Ukraine and Turkey.
Not surprisingly, there is another aspect that alarms Europe. At the end of the year, a contract between Kiev and Moscow expires, essential for the transit of Russian gas via Ukraine to Europe. Some countries, such as Austria, are still dependent on it. Since Kiev does not intend to renew the agreement, the question is how these loads of raw material can be replaced in view of the winter.
Europe towards a new gas crisis due to Moscow?
Russian gas imports are expected to decline again as American LNG production resumes and the Russians become more interested in send gas to Asiaaccording to an analysis by the Financial Times.
Russia has limited flexibility to maintain this share in Europe as demand increases heading into next winter. While American LNG production continues to grow, says Tom Marzec-Manser, head of gas analysis at ICIS.
However, the gas demand in Europe is relatively weak, as inventory levels are near record levels for this time of year.
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