The Europeans are preparing an embargo on Russian LNG – The incredible launch of deliveries to Greece

Major upheavals in the supply chain of Greece with natural gas could result in a possible “embargo” on Russian LNG imports that has reportedly entered the “table” of the governments of the European Union, following the pressure exerted by the US in the direction she. And this is because Greece is one of the countries where Russian Liquefied Natural Gas cargoes occupy an important role in the country’s energy supply, as can be seen from the latest data from DESFA which showed that in the first quarter of 2024, Russia emerged as the second largest country of LNG origin in our country, behind only the USA, with an annual increase in imported quantities of 82%.

In this context, the statement by the Minister of Foreign Affairs of Sweden, Tobias Billström – during the recent Summit of the “27” Ministers of Foreign Affairs in Luxembourg – caused a sensation that the ban on imports of Russian LNG (which until now had remained outside the “framework” of the European sanctions against Russia) will seek to join the 14^The sanctions package expected to be passed in the spring, along with measures aimed at curbing Russia’s shadow fleet.

According to data from the Organization of the European Energy Regulators ACER (which warned a few days ago that the weaning of Europe from Russian LNG is an exercise in delicate balances and not without risks for the security of supply of Epirus), in 2023 Geria Epirus welcomed 18 billion cubic meters of Russian LNG, a quantity corresponding to 13% of total LNG imports) while according to some estimates at least another 1 billion cubic meters – if not more – of Russian LNG was imported into Europe through other markets.

The subject of the possible ban on imports of Russian LNG from Europe was also mentioned yesterday by the US Deputy Secretary of State, responsible for energy matters, Jeffrey Pyatt: During his speech at the annual conference of the CSIS Institute – whose work he opened together with the head of PPC Giorgos Stassi- spoke of a measure in the right direction, as the further reduction of Russia’s income from oil and natural gas exports – income with which it largely finances the war operations in Ukraine – is an absolute priority for the US.

The issue of increasing Russian LNG imports to Europe is a big “thorn”, as to a large extent LNG imports from Russia have replaced the decrease in Russian pipeline gas imports and even at higher prices. In some countries – among which Greece is included – the increase in Russian LNG imports was combined with the increase in Russian pipeline gas: DESFA data for the period January-March 2024 from Sidirokastro – the point of entry of Russian gas Turk Stream- entered the National Natural Gas System 7.25 Terawatt hours, an amount more than double compared to the corresponding period of 2023 which covered 44% of the total imports for the reference period.

Despite the pressure exerted from the other side of the Atlantic, it is very doubtful whether the ban on Russian LNG imports will “pass” the European Council, given the still high dependence of many countries on them. As ACER stated in a recent report, “As the EU aims to completely end its dependence on Russian fossil fuels by 2027, “the reduction of Russian LNG imports should be considered gradually, bearing in mind that significant quantities have been contracted in based on long-term agreements prior to Russia’s invasion of Ukraine and in light of the imminent expiration of the ship-or-pay transit contract for the supply of natural gas pipeline from Russia to Europe via Ukraine by the end of 2024.”