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Europe is still struggling with its dependance on Russian gas after more than 2 years since its full-scale invasion of Ukraine and cutting off gas via pipelines connected to north-west Europe.
That’s according to Financial Times.
ICIS claims that Russian-piped gas and LNG shipments together accounted for 15% of total supply to the EU, UK, Switzerland, Serbia, Bosnia and Herzegovina and North Macedonia. Meanwhile, LNG from the US amounted to 14% of supply.
“Flows in May were affected by one-time factors, including an outage at a major US LNG export facility, while Russia sent more gas through Turkey ahead of planned maintenance in June. Demand for gas in Europe also remains relatively weak, with storage levels near record highs for this time of year,” reads the article.
According to Tom Marzec-Manser, head of gas analytics at consultancy ICIS, such a trend will soon fade away because Russia will increase its shipments to Asia via Nirthern Sea Route, thus, reducing the deliveries to Europe.
Earlier, POLITICO reported that the EU was to finally target Russia’s LNG revenues.
“The EU is working on a proposal to limit imports of Russian liquified gas (LNG) as part of the upcoming 14th package of sanctions,” reiterates the FT article.
However, the sanctions will not actually curb Russian LNG imports to the EU, they will only prevent EU countries from re-exporting Russian LNG after they receive it.
Read also: UK and US Announce New Large-Scale Sanctions Against Russia
