Over 20% of the EU’s Russian LNG Imports Are Resold Out of the country

Round 21% of Russia’s LNG volumes sure for the Ecu Union are transshipments, which don’t seem to be incorporated in professional import figures and thus not noted by way of EU policymakers, the Institute for Power Economics and Monetary Research (IEEFA) mentioned in an research on Wednesday.

Over the last 12 months and a part, the EU has boosted imports of Russian LNG, because the bloc is now purchasing considerably extra Russian LNG than it did sooner than the invasion of Ukraine.

In contrast to Russian oil, Russian fuel isn’t banned or below sanctions in Europe. However whilst pipeline fuel provide from Russia has slowed to a trickle, Europe has raised imports of LNG, together with LNG from Russia.

The EU, alternatively, has a goal to be impartial of Russian fossil gas imports by way of 2027, as envisioned within the REPowerEU plan.

EU Power Commissioner Kadri Simson mentioned in September that the Ecu Union will have to section out imports of LNG from Russia.

Information analyzed by way of IEEFA presentations that of the entire Russian LNG that was once gained by way of Belgium and France between January and September 2023, up to 37% was once transshipped, of which the bulk went to non-EU markets.

“The transshipped cargoes arriving at LNG terminals in Europe are incessantly now not incorporated in professional import figures and thus not noted by way of policymakers,” Ana Maria Jaller-Makarewicz, the Lead Power Analyst for IEEFA’s Europe workforce, wrote within the research.

Spain, Belgium, and France are the most important importers of Russian LNG, however part of the cargoes is being transshipped from the ice-class breakers to LNG vessels and later shipped directly to different markets, together with in Asia.

For instance, IEEFA’s research confirmed that within the first 9 months of 2023, the amount of LNG from Russia’s Yamal LNG export facility that arrived at Belgium’s Zeebrugge terminal was once nearly double the amount of Yamal LNG imports to the terminal. That’s as a result of Zeebrugge nonetheless permits transshipment of Yamal LNG, in contrast to the Netherlands, which has stopped providing transshipment products and services for Russian LNG, and the United Kingdom, which has banned Russian imports of the gas altogether, IEEFA notes.

Belgium is taking a look into tactics to take on the transshipment factor with out hanging Ecu provide safety in danger, a spokesperson for the Belgian power ministry instructed the Monetary Occasions.

By way of Tsvetana Paraskova for Oilprice.com

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