In a surprising turn, Europe has already spent €7.28 billion on liquefied natural gas (LNG) from Russia’s Arctic Yamal project in just over eight months of 2026. This figure surpasses the entire projected spending for 2025, highlighting a significant contradiction to public commitments to reduce reliance on Russian energy.
The increase in imports, driven by higher gas prices and a surge in cargo volumes, indicates that European buyers are stockpiling LNG ahead of a planned ban on Russian imports set for January 2027. This rush to secure supplies comes as geopolitical tensions disrupt traditional energy routes, particularly through the Strait of Hormuz.
Two European companies, Seapeak and Dynagas, dominate the shipping of Yamal LNG, managing 72% of exports. This reliance on European logistics exposes a vulnerability for Russia, as its Arctic operations depend heavily on these partnerships. If the EU fully enforces the ban, Russia’s ability to maintain its gas exports could be severely compromised.
As EU leaders prepare for the Arctic Summit, the urgency to address these energy ties grows. Activists are calling for immediate action to close loopholes that allow continued support for Russian energy projects, raising questions about the political will to sever these lucrative ties amidst concerns over winter energy prices.
Source: Euronews
