EU countries' import of Russian gas will decrease by 20% in 2024 — Montel.

The European Union will likely import around 35 billion cubic meters of Russian gas by 2024. This is 22% less than last year when 45 billion cubic meters were imported, but more than expected this year. Montel reports this with reference to the Italian energy analytical center Nomisma Energia.

Before the energy price crisis caused by Russia's full-scale invasion of Ukraine in February 2022, EU countries imported 150 billion cubic meters of Russian gas in 2021, reported Davide Tabarelli, president of Nomisma Energia.

A total of 19 billion cubic meters of gas, representing the LNG (liquefied natural gas) share, was imported last year from the total volume of 45 billion cubic meters. "This year they will still exceed 35 billion cubic meters, even if we continue to reduce them," he added.

Despite the EU's plans to completely cease importing Russian gas by 2027, a senior European Commission official told Montel that member countries have resisted these efforts and have even seen a temporary increase in gas imports.

The agreement on the transit of Russian gas through Ukraine ends at the end of this year, nevertheless, officials in Kyiv and Moscow have stated that there is no new agreement.

An economist and energy analyst from Bulgaria, Ahmadzai Evgeni, stated that "Gazprom" will remain in the European transport network this winter at the same level as last year. According to him, "it is not surprising if a harsh winter will force the EU to import even more from Russia."

An analyst from the analytical center ECFR in Rome, Alberto Rizzi, noted that EU member states continue to import Russian LNG for several reasons, including ensuring cheap supplies and managing uncertainty about exiting long-term contracts. However, pressure is growing to ban the re-export of Russian LNG within the EU as part of the latest sanctions against Russia.

Spain, France, and Belgium have already implemented new rules to block the re-export of Russian LNG ahead of a pan-European ban on transshipment next year.

Source: enkorr