Page 9 - FSUOGM Week 24 2022

FSUOGM PERFORMANCE FSUOGM

Russian gas exports to EU

slump to record low

RUSSIA RUSSIAN pipeline gas exports to the EU have Finnish-based Center for Energy and Clean Air
slumped below 200mn cubic metres daily in Research estimates that Russia earned €93bn
But the Kremlin says it recent days, marking the lowest level in decades, ($98bn) from fossil fuel exports, with sales to the
does not anticipate any Lauren Ruseckas, energy analyst at S&P Global, EU accounting for 61% of those sales, or about
further cut-offs in gas said on social media on June 13. €57bn. The largest importers were China, which
supply. In a Twitter post, Ruseckas pointed to the ter- took €12.5bn, Germany with €12.1bn and Italy
mination of nine Gazprom contracts in six EU with €7.8bn. Crude oil accounted for the bulk
countries as the reason for the slump. Bulgaria, of Moscow’s receipts, amounting to €46bn. This
Denmark, Finland, the Netherlands and Poland was followed by pipeline gas, petroleum prod-
have had their entire Russian gas supply cut off, ucts, LNG and coal.
and Russia has also terminated some supply While Russian gas imports to Europe are fall-
to Germany as well. In doing so, it cited these ing, US LNG exports to the continent tripled in
customers’ refusal to comply with the Krem- the first four months of this year, data published
lin’s decree, requiring gas buyers in so-called by the US Energy Information Administration
“unfriendly” countries to set up accounts at (EIA) shows. Thanks to this growth, the share
Gazprombank. There their euro and US-dollar of US LNG exports that are sent to Europe has
denominated bills will be converted into rubles risen from one third to three quarters, and the
before being transferred to Gazprom. US now is responsible for half of the continent’s
The Kremlin has said it does not anticipate total LNG imports.
any further cut-off in gas deliveries to European “The US-EU partnership hasn’t been
companies, as those still receiving supply have stronger,” Brain Deese, White House Director of
complied with the new decree. The EU is mak- the National Economic Council, said in a post,
ing a concerted push to phase out Russian gas commenting on the data. “As we reduce our
imports anyway, to deprive Moscow of revenues near-term dependence on Russian natural gas,
it can use to fund its war in Ukraine. But the bloc we’re also reducing our dependence on natural
is reluctant to impose an embargo as it has done gas entirely. Accelerating the shift to clean energy
with Russian oil and coal. is the best thing we can do to achieve true energy
During the first 100 days of the war, the security.” ™

Week 24 15•June•2022 www. NEWSBASE .com P9