Despite Europe's efforts to reduce its dependence on Russian energy resources, EU imports of liquefied natural gas (LNG) from Russia have grown once again. In June, European Union countries purchased 14 percent more LNG from Russia compared to the same month last year.
Russia's revenue from energy supplies to Europe increased, reaching 60 million euros per day. France purchased the largest volume of Russian liquefied natural gas.
A complete ban on imports of Russian LNG under long-term contracts is set to take effect on January 1, 2027. Deliveries under short-term contracts are already prohibited in the European Union.
These figures clearly show how difficult it truly is for Europe to phase out Russian energy. Despite political statements and tightening restrictions, economic demand continues to dictate terms.
Notably, ahead of the total ban expected in 2027, some countries are attempting to make the most of existing long-term contracts. This raises serious questions about how effective the implementation of the final ban will be.
