According to reports, an NGO argues that despite negative public opinion of Russia due to its role in the Ukraine conflict and the imposition of economic sanctions, the continent is on track to spend a record number of billions of dollars this year importing LNG from the country.
After the Russian invasion of Ukraine last year, European countries imposed restrictions on natural gas imported directly from Russia. However, this didn’t apply to gas imported by boat as LNG since it is cooled and made into liquid form. Despite all rhetoric about cutting off Russia’s international commerce, purchases of these goods have skyrocketed, and Europe has purchased more than half of Russia’s liquefied natural gas exports so far this year.
According to a report, Europe is the main destination for Russian LNG, with China being the largest national consumer. Belgium and Spain are the next major destinations. Based on market research by Kpler, European imports of Russian LNG are up 40 percent this year compared to the same time in 2021.
This year, Russia has become Europe’s second-largest supplier of LNG imports, behind only the United States.
According to Global Witness, the spot market price of LNG imports in 2023 between the months of January and July was 5.7 billion dollars.
According to the senior fossil fuel campaigner at Global Witness, Jonathan Noronha-Gant, it is appalling that nations in the EU have worked to ease themselves off piped Russian gas just to substitute it with the equivalent. Gant complained that European firms are transferring billions to Vladimir Putin’s war fund.
Global Witness states that since the Ukraine conflict started, European countries have continued to import Russian energy through LNG and other routes. One in twenty planes refueling in the UK last month used jet fuel derived from Russian oil, according to a separate assessment published earlier this month.