• Oil & Gas - News
  • Updated: March 09, 2023

Energy Commissioner Implores EU To Stop Buying Russian LNG

EU's energy commissioner Kadri Simson has urged all EU member states and businesses not to enter into new contracts with Russia on Thursday.

She noted that the EU had succeeded in significantly reducing its imports of Russian pipeline natural gas over the previous year, but that it should now halt all LNG imports from Russia.

Around 8% of the pipeline petrol imported into the EU since September 2022, when Russia stopped delivering through Nord Stream before the pipelines were destroyed later that month, has come from Russia.

As Europe's principal pipeline natural gas provider, Norway has displaced Russia.

For instance, the largest economy in Europe, Germany, imported 33% of its petrol from Norway last year, followed by Russia, whose share dropped to 22% for 2022 from 52% in 2021, according to data from the German network regulator Bundesnetzagentur earlier this year.

Europe has increased its imports of LNG, including LNG from Russia, but pipeline supplies from Russia have been reduced to a trickle.

According to data from Refinitiv Eikon published by Reuters, Russia's LNG delivery to Europe increased by about 20% last year from 2021.

Total Russian LNG exports increased by 8.6% in 2022 to reach over 45 billion cubic metres, with more than half of that volume going to Europe.

The EU's energy commissioner Simson stated today at a meeting of a committee of the European Parliament, "We received roughly 20 bcm of Russian LNG last year."

“I think that we can and should get rid of Russian gas completely as soon as possible, still keeping in mind our security of supply.

“I encourage all Member States and all companies to stop buying Russian LNG and not to sign any new contracts with Russia once the existing contracts have expired,” the commissioner added.

“Committing not to renew existing contracts with Russia is the best way to give a long-term assurance to our reliable partners that meaningful demand will stay.”

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Lawrence Agbo
Lawrence Agbo

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