Russian Gas Exports Plummet as Asia Snatches Market Share
The European Union is facing another energy crisis as the volume of liquefied natural gas (LNG) exported from Russia has dropped to its lowest level this year. According to the AIS system, which tracks international vessel movements, only 8 'Yamal LNG' tankers arrived at European terminals in August, delivering less than 800 million cubic meters of gas.
This is an absolute anti-record for 2026, and marks a sharp drop from mid-summer when almost 100 percent of the gas produced in Yamal was flowing to Europe. The delivery rate then amounted to 24 shipments per month, or more than 2.2 billion cubic meters.
The primary volume from the 'Yamal LNG' project is now being redirected via the Northern Sea Route directly to the Asian market, China and South Korea. Chinese companies have stopped reselling Russian gas to Europe, causing gas prices on the continent to soar, approaching the psychological threshold of $1,000 per 1,000 cubic meters.
The shift in logistics chains in favor of Asia and the limited global alternative supply signal the beginning of another acute crisis in the European energy market. Analysts predict that the price will soon rise to $1,000, as gas prices at European hubs have exceeded those of the Asian market, rising above $870 per 1,000 cubic meters.