THE EU COULD IMPORT AN ADDITIONAL 5 Gm3 OF RUSSIAN LNG

From March 26, 2025, the European Union will ban the transshipment of Russian liquefied natural gas. This ban particularly affects transfers between ships and terminals affecting reloading operations intended for export outside the EU. Some ports (in France, Spain and the Netherlands) have seen a significant drop in transshipment volumes, most of which were to be re-exported to Asia. This ban could result in 4 to 5 billion cubic meters being kept in Europe.

In 2023, the EU imported 23.4 Gm3 of Russian LNG (+14% compared to 2022) and 5.3 Gm3 since the beginning of the year. Europe therefore remains dependent on Russian LNG given the level of stocks, which have reached their lowest level since May 2022 (35%), and the competitiveness of Russian LNG.