The European Union (EU) has announced a reduction in its dependence on Russian energy, but is actually spending more than ever on liquefied natural gas (LNG) from Moscow.
RT reported that according to the latest data from the EU statistics agency (Eurostat), the cost of importing LNG from Russia to the EU has increased nearly 4 times in the past 3 years, despite sanctions and efforts to find alternative sources of supply.
The "EU - Russia Trade" report released on February 24 shows that the European Union imported 18% more LNG from Russia in the fourth quarter of 2024 than in the first quarter of 2021. But it is worth mentioning that import value skyrocketed by 274% due to the energy crisis.
Despite sanctions on Russian pipeline gas - especially after the sabotage of the Nord Stream gas pipeline - the EU continues to import LNG from Moscow in record volumes. According to Eurostat, the share of Russian LNG in total EU imports has increased from 11% in the fourth quarter of 2022 to 22,2% by the end of 2024.
The Guardian reported that a report marking three years of the Russia-Ukraine conflict shows that the EU spent $23.7 billion to buy Russian oil and gas in 2024 alone - the third year of the Russia-Ukraine conflict. This figure is even 17% higher than the EU's $20.2 billion financial aid to Ukraine in 2024, according to data from the World Economic Institute Kiel (IfW Kiel).
Despite the half-ban, Russian LNG is still flowing into the EU. Although Brussels announced sanctions on Russian LNG in June 2024 - banning the transfer of LNG from ships to ships or from ships to shore to re-export to third countries - it has not imposed a complete ban. This would allow Russia to continue selling LNG directly to EU countries without significant obstacles.
Notably, when Ukraine stops renewing its gas transit contract from Gazprom through its territory by the end of 2024, the EU will be forced to seek alternative supplies. Currently, the only pipeline of gas from Russia to the EU is via TurkStream, passing through Turkey and Greece.
Eurostat data shows that pipeline gas imports from Russia to the EU have decreased by more than 60% in volume from the first quarter of 2021 to the fourth quarter of 2024. However, due to high prices, the total import value decreased by only 9%. This means that the EU is still spending a huge amount of money on Russian energy, although the bloc has declared its determination to escape dependence.
