Europe Still Buying Billions in Russian Gas Amid Ongoing Ukraine Invasion

Despite efforts to reduce its dependence on Russian energy, Europe continues to buy billions of euros worth of gas from Russia. According to new analysis by Urgewald, a Germany-based environmental and human rights organization, Greek-linked shipping vessels transported an estimated €2.35 billion worth of Russian Arctic liquefied natural gas to European ports between January and July 2026.

The data, which was obtained from commodities intelligence company Kpler, shows that EU ports received more than 92 percent of all LNG exported from Russia's Yamal LNG project during the first seven months of this year. In total, European countries paid an estimated €6.64 billion for those shipments.

At the center of this supply chain is Greek shipowner Dynagas, which transported 57 cargoes, or 4.14 million tonnes of LNG, from Yamal between January and July. This accounts for approximately 35 percent of everything exported by the Russian Arctic project during the period.