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illuminem summarizes for you the essential news of the day. Read the full piece on Financial Times or enjoy below
🗞️ 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
🔭 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
🌎 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
⏭️ 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
💬 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)
📈 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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