EU Natural Gas Imports From Russia Hit Record $5.5 Billion in FY 2023

 

Russia is the world's leading natural gas exporter. According to the Russia import export data statistics, around 40 billion cubic metres worth of LNG was exported from Russia in 2022. As compared to previous year reports, Russia's overall LNG exports follow a steady growth. Russia's LNG exports are spread across various markets. EU nations are among the top contributors among other buyers of Russian gas responsible for over 20% share.

As per Russia customs data reports, Germany and Turkey are the leading buyers of Russian gas. Germany accounts for 24% share of Russia's total natural gas exports volume. Whereas, Turkey held over 13% share in Russia's overall natural gas exports. Despite facing western sanctions, Russia maintained its LNG exports.

In the financial year 2022, Italy and the Netherlands accounted for over 30 billion cubic metres and 24 billion cubic metres of LNG gas imports. In terms of import volumes, France (12 bcm), Poland (11 bcm), Hungary (7 bcm), Spain (3.6 bcm) and Belgium (1.6 bcm) are other significant LNG importers from Russia.

Whereas, the latest Russia export data reports reflects record 5.5 billion dollars LNG exports in 2023. Despite efforts made by the EU to cut off its fuel imports from Russia, there were around 22 million cubic metres worth of LNG imports made by the EU from Russia till August 2023. 

During this period, China accounted for the maximum LNG imports from Russia. After China, Spain and Belgium were the top natural gas importers from Russia. As compared to the financial year 2021, around 40% increase in Russia's gas exports. Whereas, this year Russian gas imports by EU were so far the maximum, 52% while compared to 38% in 2021.

Although EU and G7 nations have imposed sanctions and even cut off the supplies from Moscow, Russia. By 2027, the EU is likely to completely reduce its dependency on Russian gas. Other major alternatives that EU nations could consider for natural gas imports are Qatar, Australia, USA, Algeria, Canada, UAE, etc.

Apart from LNG, EU's other significant imports from Russia were fuel, fertilizers, wood, iron, steel, textiles, nickel, aluminium, zinc, etc. On the other hand, Russia import data shows that machinery, transport items were the top imports made by Russia from the EU with over 48% share in 2022. Manufactured items, chemicals, beverages, live animals, food, were other major imports by the EU from Russia during FY 2022.

EU nations rely mostly on Russia's energy reserves. Apart from natural gas, crude oil, diesel, and coal imports have seen frequent rise in FY 2023. During March 2023, the EU made over 12,000 GWh crude oil imports followed by Diesel (290 GWh). 

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