Russia surpasses the US in supplying gas to Europe

Russia has surpassed the US in supplying gas to Europe, despite efforts by countries in the region to abandon Russian fuel, the Financial Times reported, citing data from the ICIS analysis company.

“Russian gas imports to Europe exceeded US supplies for the first time in nearly two years in May, despite the region’s efforts to wean itself off Russian fossil fuels. While the reversal was driven by exceptional circumstances, it underscores Europe’s difficulty in further reducing its dependence on Russian gas, as some Eastern European countries remain reliant on imports from their neighbor,” the Financial Times said.

According to ICIS, Russian gas and liquefied natural gas (LNG) supplies accounted for 15% of total imports by the EU, UK, Switzerland, Serbia, Bosnia and Herzegovina and North Macedonia in May 2024. At the same time, the US share of LNG in imports by these countries was 14%, the lowest figure since August 2022.

However, the Financial Times said the current situation is related to “transitory factors”, such as the closure of a major LNG export facility in the US. However, the analyst firm said the situation “is unlikely to last” as Russia will be able to supply liquefied natural gas via the Northern Sea Route to Asia in the summer.

In March 2022, the European Union developed the RePowerEU plan, which aims to transform the bloc's energy system, moving away from dependence on supplies from Russia, and towards greening to address climate issues.

Europe's REPowerEU plan focuses on three main solutions: Saving energy, reducing fossil fuel consumption in industry and transport; diversifying energy supplies; and increasing the exploitation of renewable energy.