LNG

Russian LNG imports to Europe have risen despite efforts to reduce dependency, reaching 20pct of EU imports in 2024. France, Spain and Belgium in particular continue to see significant Russian flows through their terminals. Germany, on the other hand, has ostensibly taken a harder stance, although the immediate net effect is limited due to the interconnectedness of the European gas market and legacy SEFE obligations. Nevertheless, it should be noted that LNG flows into Europe have significantly decreased year-on-year on the back of full gas storage and milder weather, which has helped to amplify the share of Russian LNG as it grew. 

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