Russian exports of liquefied natural gas (LNG) to the European Union hit a record high of 15.5 million tons in 2024, the highest level since 2019.
This was reported by economic expert Oleh Sarkits in his article "Bloody LNG: how to kick russia out of EU markets".
The total volume of russian LNG exports also set a new record, reaching 33 million tons. At the same time, 52% of all LNG exported from russia went to the European market.
The largest buyers of russian LNG among European countries were France, Spain, Belgium and the Netherlands. It is noteworthy that Germany increased its imports of russian LNG by 500% compared to the previous year.
The russian federation plans to almost triple LNG exports to 100 million tons by 2035, which could bring the country about USD 130 billion in annual revenue.
At the same time, the russian project "Arctic LNG 2" of the company Novatek stopped production in October 2024 after a new round of US sanctions. Experts note that a complete ban on imports of russian LNG to the EU could deprive russia of a significant source of income - in 2024 the country earned about USD 43 billion from LNG exports.
The recently adopted 16th package of EU sanctions does not include a complete ban on imports of russian LNG, limiting it only to supplies to terminals not connected to the bloc's general gas transportation network.
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