THE COST OF PURCHASING RUSSIAN LNG FOR THE EU HAS ALMOST QUADRUPLED IN THREE YEARS

The cost of purchasing Russian Liquefied Natural Gas (LNG) for the European Union (EU) has almost quadrupled in three years due to rising prices and volumes of LNG supplies from Russia. This is stated in a publication by Eurostat.

“In the fourth quarter of 2024, the volume of imports of liquefied natural gas from Russia was 18% higher than in the first quarter of 2021. “Due to rising prices, its value increased by 274% over this period,” the article says.

The share of Russian LNG imports to the EU increased to 22% in the fourth quarter of 2024. The United States continues to account for the largest share of liquefied gas supplies to the EU (36%).

In the fourth quarter, the volume of gas imports via pipeline from Russia was 61% lower than in the first quarter of 2021. However, due to rising prices, its value in this period fell by only 9%. In the last quarter of 2024, natural gas supplies from Russia to the EU decreased in volume, and their share (22%) is slightly lower than in the fourth quarter of 2022 (24%).

Earlier, TASS, citing Eurostat data and its own calculations, reported that in December 2024, Russia had borne the maximum share of the total cost of gas imports to the EU since March 2022, amounting to 25%, becoming the leading country, ahead of Algeria and the United States. In total, the European Union paid €7.6 billion for the Russian pipeline in 2024, up from €7.9 billion the previous year. Last year, LNG purchases from Russia amounted to €7.2 billion, up from €8.1 billion in 2023.