RT-Engels: 24-02-2025,
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,