Potential Ban on Russian LNG Supplies to Cost EU One-Fifth of Imports

MOSCOW, (Sputnik) - Russia is the second largest supplier of liquefied natural gas (LNG) to the European Union, which means that the bloc's potential ban on Russian LNG will cost it a 19% share of its imports, Sputnik estimated on Monday based on data from Eurostat.

Earlier in the day, Swedish Foreign Minister Tobias Billstrom told reporters that the EU member states were planning to include a ban on LNG imports from Russia in the 14th package of sanctions against the nation.

In January-February, the EU imported LNG worth a total of 7 billion euros ($7.46 billion) from nine countries, with the US being the major supplier. Washington covered 48% of the EU's total imports compared to 37% a year earlier.

Over the past year, Russia increased its share of the bloc's imports by 5 percentage points to 19%. In the first two months of 2024, it supplied LNG worth 1.3 billion euros to the EU.

Algeria came third, also increasing its share of the EU's total imports to 9% from 6% in 2023. Meanwhile, Qatar's share, on the contrary, almost halved to 8% from 15%. Nigeria, Norway, Trinidad and Tobago each accounted for a 4% share of the EU's LNG purchases, while the United Kingdom had only a 2% share.

The largest LNG consumers in the EU include France, the Netherlands and Spain, with their LNG imports worth 1.8 billion euros, 1.5 billion euros and 1.2 billion euros, respectively. At the same time, Belgium and Greece are still actively buying Russian gas.