Significant volumes of LNG from Russia are flowing to Spain this year, with imports more than doubling in the first quarter

In recent months, significant volumes of gas from Russia have been flowing to Spanish liquefied natural gas (LNG) import terminals. Although the share of Russian LNG in the country’s total natural gas imports has edged down since the start of the year, it still accounts for more than a tenth of total imports. Compared with the first quarter of last year, imports have more than doubled. This situation may not last in the long term, however, as in recent months the Spanish government has been asking traders to diversify their supplies further and not to sign any new contracts to import liquefied gas from Russia.

Although Russia sharply curtailed natural gas exports to Europe via pipelines last year, particularly by gradually reducing supplies through the Nord Stream 1 pipeline, which it shut down completely at the turn of August and September, LNG exports from its terminals to Europe increased. Overall, Russia exported around a fifth more LNG to Europe last year than in 2021, but this was nowhere near enough to make up for the shortfall in pipeline gas supplies.