The share of liquefied natural gas (LNG) from Russia continues to grow in the European Union market, despite falling demand in Europe and Brussels’ attempts to limit its supply. This was reported by Bloomberg agency with reference to the report of the Agency for the Interaction of Energy Regulators (ACER).
European Commissioner for Energy Kadri Simson said in March that the EU will completely abandon Russian LNG by 2027, the phased process was to begin in May.
ACER reports that the share of LNG from Russia in EU imports has risen to 20 per cent in the first half of 2024, up from 14 per cent a year earlier. Bloomberg noted that although Moscow is no longer the main gas supplier to European countries, Russian LNG remains a ‘vital part’ of Europe’s energy security system.
The publication pointed out that in the third quarter of 2024, total EU imports of liquefied natural gas fell to their lowest level since 2021. US LNG shipments accounted for 45 per cent, while Qatar’s share fell to 12 per cent.
The change in trade flows, including due to the unstable situation in the Red Sea, led to an increase in the supply of Russian liquefied natural gas to the European market, the agency explained.
Earlier, Russian President Vladimir Putin said that Russia was going through a difficult period in Russian history. He emphasised that in the emerging conditions of the new global reality, ‘someone is striving’ to preserve its fading hegemony through Russia.
