Europeans buy record volume of Russian LNG ahead of import ban, FT reports

Europe imported more liquefied natural gas from Russia's flagship Yamal LNG plant in the first half of 2026 than ever before, absorbing almost the entire output of the Siberian facility just months before the EU's ban on Russian gas imports takes effect.

Source: Financial Times

Details: Analytics company Kpler reported that EU purchases from Yamal, controlled by the Russian private company Novatek, reached a record 9.89 million tonnes in the first six months of the year – 18% more than in the same period last year.

According to estimates by the non-governmental organisation Urgewald, Europe may have paid as much as €6 billion for those deliveries.

Kpler data show that France, Belgium and Spain were the largest European buyers, importing 3.6 million, 2.9 million and 2.7 million tonnes from Yamal, respectively, in the first half of 2026.

EU rules already prohibit purchases of Russian LNG under short-term contracts, meaning every cargo from Yamal destined for Europe must be accompanied by confirmation from the importing country's customs authorities that it was sold under a long-term contract.

The EU's ban on imports of Russian LNG under long-term contracts will take effect on 1 January 2027, forcing Russia to seek alternative export routes. Imports of Russian pipeline gas will be banned later that year.

Quote: "Europe's willingness to receive Yamal cargoes has been crucial for the project, which is located in the Russian Arctic and depends on a small fleet of specialised Arc7 ice-class tankers."

Details: The facility's export capacity largely depends on the rapid turnaround of those vessels at European ports, while the alternative option of using the Northern Sea Route to deliver cargoes to Asia is riskier and takes considerably longer.

Although Europe imported more LNG from Yamal in the first half of the year, deliveries to Asia fell by 74% to just over 510,000 tonnes.

According to sources familiar with the matter, this is partly because some international shipping companies, insurers and financiers fear EU sanctions.

Background: Early estimates by Russia's Finance Ministry show that federal budget revenues totalled RUB 18.6 trillion (approx. US$242.7 billion) since the beginning of the year, up 5.8% year-on-year. Oil and gas revenues amounted to RUB 3.7 trillion (approx. US$48.3 billion), down 22.7%.

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