Commodities
EU Pays Record €7.28 Billion for Russian Arctic Gas Amid Import Ban Looms
The European Union has paid a record €7.28 billion for liquefied natural gas from Russia's Arctic project 'Yamal LNG' in the first eight months of 2026, exceeding last year's total by €10 million.
This growth is attributed to European buyers' desire to make the most of existing long-term contracts ahead of a complete import ban and a spike in gas prices due to the escalation in the Middle East and disruptions to shipping through the Strait of Hormuz.
The largest importers of Russian Arctic gas were France, Belgium, Spain, and the Netherlands. European shipowners play a key role in this trade, with two companies, Seapeak and Dynagas, accounting for 72% of all export shipments from Yamal LNG.