Europe has significantly increased its imports of Russian liquefied natural gas (LNG) in recent months, according to shipping data and energy analysts, even as the European Union prepares to implement a full ban on Russian gas by 2027. The surge comes amid ongoing efforts to diversify energy supplies following Russia’s invasion of Ukraine in 2022.
Industry reports indicate that Russian LNG accounted for nearly 15% of Europe’s total gas imports in the first quarter of 2024, up from 10% during the same period last year. Analysts attribute this increase to competitive pricing and existing long-term contracts that remain in effect until the EU ban takes full effect.
“Many European buyers are stockpiling Russian LNG while they still can,” said one energy analyst familiar with the matter, speaking on condition of anonymity. “The 2027 deadline creates a perverse incentive to maximize imports before the cutoff.”
The EU adopted its phased ban on Russian fossil fuels in 2022, with crude oil restrictions implemented first. The LNG prohibition was scheduled later to allow member states time to develop alternative supplies. However, infrastructure projects for non-Russian gas imports have faced delays across the continent.
Looking ahead, energy experts warn that the current import surge could complicate Europe’s transition away from Russian energy. “This creates both a financial windfall for Moscow and potential supply chain disruptions when the ban hits,” noted a Brussels-based policy researcher. The situation may prompt renewed debate about accelerating the timeline for energy independence.