Russia exported more LNG to the EU; are sanctions working?
Tom KirkmanIndependent Project Manager
If Russia exported 30% more LNG to EU last year, does that mean energy sanctions are working?
This Energy Sanctions Math is hard : /
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“Spain has imported 84 percent more Russian LNG since Russia’s invasion of Ukraine, highlighting the persistent reliance the EU has on Russian energy.
… And it’s not just Spain.
● Russia’s LNG exports to Europe last year increased 30 percent as the sanctioned country cut back on its natural gas exports to Europe via pipeline.
Spain’s sharp uptick in LNG imports from Russia is bound to catch the eye of EU regulators, who has prodded its member countries to take less–not more–Russian energy projects.
The bloc’s ultimate goal is to stop importing Russian energy products altogether to cut off Russia’s revenue stream, which it could then use to finance its actions in Ukraine.
But countries such as China and India have no qualms about importing Russian crude oil and natural gas.
● In fact, much of what Europe formerly purchased from Russia is now being snapped up on the cheap by major purchasers in Asia.
● Some of these products eventually make their way back to the EU.”