EU Is Hooked on Russia LNG and Paying Billions to Keep It Coming
- Europe’s costs to import the fuel have soared to a record
- Liquefied gas is unlikely to face region-wide ban, unlike oil
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The European Union has slashed its dependence on Russian energy this year, banning coal imports and readying an oil embargo too. But one product is booming, and is unlikely to face an EU boycott anytime soon.
Liquefied natural gas imports from Russia are up about 40% in a year as buyers scramble to replace dwindling piped flows. It’s a bitter pill for many across the bloc, which has slapped heavy sanctions on the Kremlin to starve it of funds fueling the war in Ukraine. The EU spent a record €12.5 billion ($13 billion) on Russian LNG from January to September -- five times more than a year earlier.