Despite EU sanctions and stated ambitions to sharply reduce imports of Russian fossil fuels, Europe still imported record amounts of liquefied natural gas (LNG) from Russia in 2024.

According to experts, there is a logical reason for the increase – Russian gas is simply much cheaper than its competitors.

Data from Rystad Energy shows that 17.8 million tons of Russian LNG were delivered to European ports last year, an increase of over 2 million tons compared to the previous year.

Despite a significant drop in piped gas imports from Russia due to the conflict in Ukraine and the terrorist attack on the Nord Stream pipelines in September 2022, the EU continued to purchase record amounts of the country’s LNG. This has been possible as the chilled fuel has been only partially covered by the sanctions imposed by Union member states.

The energy analyst firm released the data shortly after Ukraine halted the transit of Russian gas through its territory to the EU. Kiev opted to scrap a five-year transit agreement with Russian energy giant Gazprom at the end of 2024, halting the flow of natural gas from Russia to Romania, Poland, Hungary, Slovakia, Austria, Italy and Moldova.

Russian LNG deliveries to the EU not only increased but reached “record levels”, according to Jan-Eric Fahnrich, gas analyst at Rystad Energy. He states that Russia surpassed Qatar as the bloc’s second-largest supplier of LNG in 2024, after the United States.

According to Fahnrich, the EU bought 49.5 billion cubic meters of Russian gas through pipelines last year, and another 24.2 billion cubic meters of LNG, some of which was re-exported to other countries.

“Fairly simple”

Data from the Center for Research on Energy and Clean Air (Crea) show slightly lower figures, but even these reflect an overall trend of sharply increasing Russian LNG exports. According to Crea, EU imports of Russian LNG increased by 14% year-on-year in 2024 to 17.5 million tons and were worth €7.32 billion.

– The reason for the rise is fairly simple. Russian LNG is offered at a discount to alternative suppliers. With no sanctions imposed on the commodity, companies are operating in their own self-interest and buying increasing quantities of gas from the cheapest supplier, explains Crea’s Russia analyst Vaibhav Raghunandan.

The latest estimates significantly outpace recent projections by Bloomberg, which earlier this week said LNG deliveries from Russia to the EU had risen to 15.5 million tons by 2024 compared to 2020, when the EU imported about 10.5 million tons of the fuel.