EU Sets Record with Russian LNG Imports: 9.9 Million Tons Valued at €6 Billion

The EU recorded a historic level of natural gas imports from Russia's Yamal LNG project in the first half of the year.

Record-Breaking Yamal LNG Deliveries

■136 cargoes delivering 9.9 million tons of LNG, marking the highest volume for the period.

■This represents a %18 increase over the same period last year.

■The total spend by the EU is estimated at roughly €6 billion.

LNG Import Distribution Across EU Member States

■France leads with 3.6 million tons.

■Belgium follows with 2.9 million tons.

■Spain ranks third with 2.7 million tons.

■Over 97% of shipments were directed to EU ports.

Financial Impact and Market Outlook

■Novatek holds the majority stake in the Yamal LNG project, potentially bolstering its revenue stream.

■The EU's phased phase‑out of Russian gas imports may increase volatility in European energy prices over the longer term.

■The ban on short‑term contracts could push spot LNG prices higher.

Policy Framework and Future Timeline

■As of April 2024, the EU prohibited short‑term Russian LNG imports.

■Long‑term contracts will expire on 1 January 2027, while pipeline gas imports are slated to end by September 2027.

Markets are re‑pricing European energy security as the EU tightens restrictions on Russian LNG. While short‑term price pressure is likely to rise, the expiry of long‑term contracts will drive the bloc toward alternative suppliers, potentially stabilising LNG pricing. This shift could raise cost pressures for energy‑intensive industries and affect the performance of European energy equities.