(Washington Insider Magazine) -Expect to see more EU gas imports soon. Record-breaking amounts of Russia’s liquified gas are being imported to Europe demonstrating the continent’s reliance on the highly coveted resource despite the recent threats to restrict access to the pipelines. This was done in an attempt to resolve the UK heating crisis before it worsens.
EU Gas: What do new imports mean for the UK heating crisis?
A Global Research Scholar, Anne-Sophie Corbeau, from the Center on Global Energy Policy at Columbia University, fears Europe could be forced to buy from another energy market if Putin decides to stop importing resources to Europe during this recent push for EU gas.
EU Gas updates & statistics
An increase in imports of Russian LNG increased by 40% this year; making this the highest export of Russian seaborne gas since 2017 according to Bloomberg.
Since Russia’s gas is excluded from Europe’s sanctions, some countries have noticed a reduction of flow through the pipelines and an increase in prices which significantly increased the cost of living across Europe.
The Kremlin has used its resources to its own advantage after announcing war with Ukraine. Some speculate Russia could share its resources with countries like Bangladesh and Pakistan, desperate for the deeply desired resource at a lower price for political allies.
Russia ceased gas flows through a pipeline that runs from Yamal to Poland in May. Shortly diminishing flows to Germany from the Nord Stream 1 pipeline over the summer.
European countries such as France, Spain, Belgium, and the Netherlands are responsible for using the highest volumes of imported LNG. This has sparked alarm in Georg Zachmann as he fears the Kremlin will attempt to disturb Europe’s unity by selling to individual countries in Europe for political gain.
Disagreements among European countries have been on the rise since countries like Spain and Greece favor the idea of capping gas prices, unlike Germany and Denmark which reject the notion of capping gas prices. Constituents have other opinions.
Hungary recently introduced and signed a new gas deal with the Russian energy company, Gazprom. Others could join in pursuit if no resolution is made.
