M.K. Bhadrakumar
The dataset by the Brussels-based think tank Brugel aggregating the data on European natural gas import flows and storage levels puts in perspective Ukraine’s decision to halt the transit of Russian gas to Europe. The statistics reveal that as of end-2024, Russia had become the second largest gas supplier to the EU after Norway, overtaking the United States — now, that’s 3 years into the Ukraine war and the Western ‘sanctions from hell’ notwithstanding.
In particular, in December 2024, Russian LNG was delivered to Europe in an amount of 2.16 billion cubic meters — an all-time record since 2019. The European Union’s import of Russian LNG in 2024 amounted to almost 21.5 bcm against 17.8 bcm a year earlier and 19 bcm in 2022.
What does this mean? First, EU countries find its irresistible to source LNG from Russia, which is reliable, abundant and cheap. Second, Ukraine’s decision, coming in the middle of the winter heating season, will trigger a price spiral for natural gas on the whole in Europe, but in immediate terms only. To borrow the words of Ralph Nader, if the use of solar energy has not been opened up, that’s because the (Russian) oil industry does not own the sun!
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