Spain imported 84% more Russian LNG after the invasion of Ukraine
Spain imported 84% more Russian LNG after Russia's invasion of Ukraine, highlighting the EU's continued dependence on Russian energy.
According to Bloomberg, Spain's imports of Russian-sourced LNG have increased by 84% since the start of last year, after it fell out with another of its gas suppliers, Algeria. In the period between March last year and February this year, Spain received 14% of its LNG needs from Russia, an increase of 6.2 percentage points.
And it's not just about Spain. Russia's LNG exports to Europe increased by 30% last year as the sanctioned country reduced its natural gas exports to Europe via pipelines.
Bloomberg
Spain emerged as the top buyer of Russian LNG in 2023, with Belgium and France in second and third place, respectively, according to vessel tracking data provided by Bloomberg. Spain's reliance on Russian energy goes beyond LNG, to the position of top buyer of all things Russian energy, with $1 billion spent on oil and gas from Russia, according to data from the Research Center on Russian Energy. energy and clean air.
The sharp increase in Spain's LNG imports from Russia is bound to catch the attention of EU regulators, who have urged member countries to accept fewer – not more – Russian energy projects. The bloc's ultimate goal is to stop importing Russian energy products altogether to cut off Russia's revenue stream, which it could then use to finance its actions in Ukraine.
But countries like China and India have no qualms about importing Russian crude and natural gas. Indeed, much of what Europe previously bought from Russia is now bought cheaply by major Asian buyers. Some of these products end up back in the EU.
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The article Spain imported 84% more Russian LNG after the invasion of Ukraine comes from Economic Scenarios .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/la-spagna-ha-importato-l84-di-gas-naturale-liquido-russo-in-piu-dopo-linvasione-dellucraina/ on Wed, 15 Mar 2023 07:00:04 +0000.