Spain Halts Russian LNG Imports Amid EU Pressure

Spain plans to stop importing Russian liquefied natural gas (LNG) from January 1, 2027. This decision comes despite existing long-term supply contracts held by Spanish companies, which Foreign Minister José Manuel Albares noted cannot be terminated immediately.

LNG supply contracts are typically signed for many years and remain in place for decades, according to Albares. He emphasized that Spain has one of the largest LNG storage and regasification capacities in Europe, which could allow the country to support other European states by helping secure gas supplies from alternative reliable partners, including the United States.

The move is a response to the European Union's restrictions on Russian LNG imports. Albares highlighted that some Spanish companies still have active LNG contracts with Russia, but these will expire in 2027. This decision comes as Europe's natural gas storage facilities are currently 61.6% full, compared with 74% during the same period last year.

Natural gas prices in Europe have risen by as much as 5% amid low storage levels and supply disruptions. The price of natural gas at the Netherlands' TTF hub has reached €68.36 per megawatt-hour, according to Gas Infrastructure Europe (GIE).