EU Boosts Russian Yamal LNG Purchases Ahead of Import Ban
The European Union significantly increased purchases of Russian Yamal LNG between January and June, paying an estimated €5.96 billion ($6.82 billion), according to NGO Urgewald. This surge comes as the EU prepares to implement an import ban.
According to a report by the NGO Urgewald, EU countries paid an estimated €5.96 billion ($6.82 billion) for Yamal LNG cargoes in the first half of the year. The figure marks a sharp increase in purchases ahead of an impending EU import ban on Russian liquefied natural gas.
The ramp-up in imports suggests European buyers are stockpiling supplies before restrictions take effect, which could tighten the global LNG market. The Yamal LNG project, located in the Russian Arctic, is a key source of LNG for Europe.
Source: First Squawk