EU’s reliance on Russian LNG grows in 2024, much of it from the Arctic

By Elías Thorsson January 6, 2025
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LNG Carrier Christophe de Margerie at Sabetta. (Source: Novatek)

According to High North News, the European Union’s imports of Russian liquefied natural gas (LNG) hit a record high in 2024. This development showcases growing complexities in the EU’s energy strategy amid geopolitical tensions, as a significant portion of the LNG originates from Arctic regions.

  • The EU imported 16.65 million tonnes of Russian LNG in 2024, surpassing 15.21 million tonnes in 2022 and 15.18 million tonnes in 2023.
  • Russian LNG’s share of total EU imports rose from 15% in 2023 to 20% in 2024.
  • Total EU LNG imports fell by 20% in 2024, mainly due to reduced purchases from the United States, as traders favored cheaper Russian LNG on the spot market.
  • An EU-wide ban on transshipping Russian LNG via EU ports takes effect in March 2025, potentially disrupting current flows, though it may lead to higher spot market purchases within the EU.
  • The proportion of Russian LNG sold on the spot market increased from 23% in 2023 to 33% in 2024, and analysts warn this trend could accelerate post-ban.
  • The EU’s goal to phase out Russian fossil fuels by 2027 faces challenges, as current trends suggest continued dependence.