EU Sets Record Russian Gas Imports Amid Plans to Halt Supplies

The European Union has set a new record for Russian gas imports despite plans to fully stop imports from Russia. According to Bloomberg, the EU imported a record volume of liquefied natural gas (LNG) from Russia in recent months, with Belgium relying entirely on Russian LNG imports in July. The country imported around 400,000 tons of Russian gas during the month, while total LNG purchases fell by more than 40% year-on-year.

Despite the EU's push to end long-term imports of Russian LNG from next year, its latest sanctions package carved out exemptions for European companies to continue transporting Russian LNG to third-country markets. The exemptions were made after some member states balked at measures they said would damage their own economies.

The EU has faced soaring energy costs since scaling back imports of Russian energy following the escalation of the Ukraine conflict. Natural gas has been the commodity the bloc has struggled most to replace since imposing unprecedented restrictions on Russia in 2022.