Imports of Russian LNG into the EU have surged, but the bloc has no plans to ban them

The European Union has no plans to ban imports of Russian liquefied natural gas (LNG) in the short term, even as imports into the EU have surged. Spain’s energy minister said the bloc was concerned about another sharp rise in gas prices on European exchanges.

Total Russian natural gas imports into the EU have fallen since last year, after Russia cut flows to Europe in response to extensive Western sanctions against its economy. However, Russian LNG imports to Europe rose by 40% between January and July compared with the same period in 2021, before the war in Ukraine.

LNG sales continue to bring Russia billions of dollars, and flows to the EU show no signs of slowing despite the bloc’s goal of ending its use of Russian fossil fuels by 2027. The EU has already banned seaborne imports of Russian oil and petroleum products, such as diesel.

“There is a sense of scarcity and fear,” Spanish Energy Minister Teresa Ribera told Reuters, referring to last year’s energy crisis in Europe.