The European imports of Russian gas have started to rise again. They reached 20% of the total imports in this year, after dropping to only 15% in 2023. This could signal a potential reversal of efforts to reduce dependence.
Bloomberg reports that despite nearly three years of conflict in Ukraine, Europe continues buying billions of euro worth of Russian gas, some of which flows through Ukrainian territory.
Ukraine charges Moscow around EUR800 million ($862mn) per year in transit fees for the use of its pipeline infrastructure. Bloomberg calls it “one the most absurd examples of realpolitik.”
Europe’s dependence on Russian gas has been reduced from 45% before the war, to 15% last year. Bloomberg reports that this reduction has stalled, and is now reversed. According to current data, Russian gas will account for about 20% of European imports by 2024.
According to the report the situation creates an paradoxical flow of cash.
“Europe pays Russia gas; Russia uses this money to wage war on Ukraine; in return, Europe gives money Ukraine to stop Russia. Bloomberg explains that the continent is funding both sides in the conflict.
The contract governing gas flow through Ukraine expires 1 January 2025. Kyiv refused negotiations with Moscow due to the fact that the pipeline’s entrance point is in Sudzha. Bloomberg reports that Sudzha is now under Ukrainian control.
Kadri SIMSON, the European Union Energy Commissioner, has warned against a continued reliance on Russian Gas, saying “There are no reasons.” The EU can survive without this Russian gas. This is a risky political choice.”
Bloomberg reported that while Simson is right about the dangers of this energy source, she’s “wrong to argue that Europe can survive without it” without significant economic implications.
Spain’s dependence on Russian LNG has increased. It is now the second largest source of gas for Spain after Algeria.
France and Belgium import near-record quantities of Russian LNG. Many of these supplies flow to Germany.
Read More @ euromaidanpress.com