Even with ongoing sanctions, European nations were projected to remain the largest buyers of liquefied natural gas (LNG) from Russia through the end of 2023, according to Ivan Timonin, a consultant with Vygon Consulting, as reported by RIA Novosti. His assessment underscored that the sanctions did not immediately curb the appetite for Russian LNG within the European market, where energy needs and price dynamics kept Russian gas an important option for several countries.
Timonin noted that the European region would see the most pronounced growth in demand for LNG from Russia in 2023. He pointed to Belgium as a standout case, with expectations that deliveries could rise from about 4.2 million tons in 2022 to roughly 7.3 million tons by year’s end. Spain was also forecast to strengthen its LNG imports, with growth projected to bring volumes from 1.3 million tons to around 4.9 million tons. For Turkey, the forecast was an ascent from 0.2 million tons to about 1 million tons, reflecting broader diversification of supply sources and resilient need for gas in power generation and industry.
The consultant highlighted a partial retreat in early 2023, noting that first-half LNG supplies from Russia declined from 17 million tons in the previous year to about 15 million tons. This dip was seen as a reaction to the evolving mix of European energy policies, storage levels, and price signals that influenced buying patterns during the period.
In July, El Confidencial cited Bruegel, a Brussels-based think tank, suggesting Spain’s dependence on Russian LNG was higher than that of many other European nations. The discussion around Spain’s LNG intake illustrated how national energy portfolios and infrastructure choices shaped the way EU members sourced gas from Russia, even amid sanctions and shifts in global LNG markets. (Bruegel study cited by El Confidencial)
Earlier reports had indicated that Russia had reduced its LNG exports by close to ten percent, a development attributed to a combination of sanctions pressure, shifting contract terms, and efforts to reallocate volumes to other regions. The broader context shows how European utilities navigated a challenging mix of price volatility, regulatory constraints, and long-term contracts while maintaining a degree of reliance on Russian LNG where feasible. (Market analysis notes)
Overall, the 2023 outlook depicted a scenario in which European buyers continued to anchor a substantial portion of Russian LNG sales, even as the global LNG landscape evolved with new suppliers and changing demand dynamics. The situation underscored the importance of supply routes, geopolitical considerations, and strategic storage planning in determining LNG flows across Europe. The observed patterns during the year also hinted at how future policy shifts and market adjustments could recalibrate the balance between sanctions, energy security, and the economics of LNG imports across the continent.