EU imports record volumes of liquefied natural gas from Russia
By illuminem briefings ๐
illuminem summarizes for you the essential news of the day. Read the full piece on Financial Times or enjoy below
๐๏ธ Driving the news: Despite the European Union's efforts to reduce its reliance on Russian fossil fuels, the bloc is on track to import a record amount of Russian liquefied natural gas (LNG) in the current year
• Belgium and Spain have emerged as significant buyers, ranking just behind China in terms of Russian LNG imports
๐ญ The context: EU LNG imports skyrocketed by 40% in the first seven months of this year, following Russia's Ukraine invasion, contrasting a global average of 6%
• Previously, the EU's reliance on Russian piped gas limited its LNG intake
๐ Why does it matter for the planet: The increased reliance on Russian LNG not only carries political and economic implications but also reflects the broader challenges Europe faces in its quest for energy security and sustainability
โญ๏ธ What's next: The EU aims to reduce its reliance on Russian LNG, considering restrictions on Russian and Belarusian bookings on EU LNG infrastructure
• However, these measures are still under negotiation
๐ฌ One quote: “It’s shocking that countries in the EU have worked so hard to wean themselves off piped Russian fossil gas only to replace it with the shipped equivalent” (Jonathan Noronha-Gant, senior fossil fuel campaigner at Global Witness)
๐ One stat: EU gas imports from Russia amounted to 21.6mn, or 16% of the EU’s total 133.5mn cubic meters of LNG imports between January and July
• This makes Russia the EU's second-largest supplier of the liquid fuel after the US
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