Europe increases LNG import

After the start of the Russia-Ukraine war, coal, oil and natural gas exports to Europe through Russia's pipelines decreased significantly. However, European imports of Russian seaworthy liquefied natural gas (LNG) increased by 20% year-on-year between March and October.

Europe has stepped up to replenish its stockpile before stopping gas supply to Russia's pipeline, including the suspension of the Nord Stream 1 pipeline in September. As a result, importing LNG from Russia was the best alternative solution.

Russia is the world's fourth largest LNG producer, accounting for 15% of Europe's total LNG supply.