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The cost of liquified natural gas purchases for the bloc has risen substantially in three years, according to Eurostat
The cost of Russian liquefied natural gas (LNG) purchases for the EU has nearly quadrupled in three years due to soaring prices and increased import volumes, according to Eurostat.
Data released on Monday in a report titled ‘EU trade with Russia’, shows that in the fourth quarter of 2024, the volume of LNG imported from Russia was 18% higher than in the first quarter of 2021. Over the same period, the value of these imports surged by 274% due to the energy crisis.
European gas prices rose dramatically following the escalation of the Ukraine conflict in 2022, alongside the EU’s commitment to phase out Russian energy dependence. While pipeline gas imports from Russia have mostly ceased due to sanctions and the sabotage of the Nord Stream pipelines, EU nations have continued purchasing record volumes of LNG from the country.
According to Eurostat, Russia’s share of the EU’s LNG imports grew from 11% in Q4 2022 to 22% in the last quarter of 2024. The US remained the bloc’s top supplier, accounting for 36% of its overall LNG imports.
In June, Brussels targeted Russian LNG for the first time, banning re-loading operations, ship-to-ship transfers, and ship-to-shore transfers with the purpose of re-exporting to third countries via the EU. The sanctions came with a nine-month transition period.
The EU’s 16th package of sanctions, introduced on Monday, further tightened restrictions on Russian energy. However, the bloc stopped short of imposing a full ban on the country’s LNG.
According to data by analytics firm Kpler, imports of Russian LNG by EU member states are now at an all-time high. The bloc has boosted imports of super-chilled fuel from the country following Kiev’s suspension of pipeline gas transit through Ukraine.
Ukraine refused to extend a five-year transit contract with Russia’s energy giant Gazprom at the end of 2024, cutting off some EU countries from Russian pipeline gas. Currently, the only remaining Russian pipeline gas reaching the EU flows through the TurkStream pipeline, which runs via Türkiye and Greece.
The Eurostat report highlights that EU pipeline gas imports from Russia have continued to decline, dropping by over 60% in volume in Q4 2024 compared to Q1 2021. However, due to soaring prices, the overall value of these imports decreased by only 9% over the three-year period, according to data.
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