The European Union has already spent more on Russian liquefied natural gas (LNG) imports in 2026 than it did for the entire year of 2025, according to German campaign group Urgewald. With just over a month remaining until the EU's full ban on Russian LNG imports takes effect on January 1, 2027, the bloc has paid approximately $9.6 billion (8.7 billion euros) for gas from the Russian Yamal LNG project between January and October. This figure surpasses the estimated $8 billion (7.2 billion euros) paid in 2025 by about 21%, as reported by TradeWinds.
The surge in LNG imports comes amid higher prices driven by disruptions in supply, particularly due to the Iran war and the blocked Strait of Hormuz, which has cut off a significant portion of Qatar’s LNG supply. As a result, benchmark LNG and natural gas prices in Europe and Asia have soared, leading the EU to continue importing Russian LNG at elevated costs until the ban begins.
Data from the Finland-based Centre for Research on Energy and Clean Air (CREA) revealed that Russia’s LNG export revenues from unloaded cargoes rose by 3% to $85 million (77 million euros) per day in October, despite a 4% decline in volumes month-on-month. Loaded Russian LNG volumes, however, increased by 5% in October, with higher loadings from the Yamal LNG project (up 17%) and the sanctioned Arctic LNG 2 project (up 20%) offsetting declines elsewhere.
The EU remained the largest buyer of Russian LNG in October, accounting for nearly half (47%) of Russia’s total LNG exports, followed by China (26%), Japan (18%), and South Korea (6%). As the January 2027 ban approaches, the EU’s continued reliance on Russian LNG highlights the challenges of transitioning away from Russian energy supplies.