Page 166 - RusRPTJun24

Global Commodity Insights, assessed the DES Northwest Europe and Mediterranean markers for July at $10.445/MMBtu May 21, up 33.4 cents/MMBtu on the day, and at the highest levels seen since December 27, when it was at $10.756/MMBtu.
EU countries will take weeks to hammer out the next set of sanctions against Russia for its war in Ukraine, EU diplomats say, though they broadly support the measures including to restrict Russian LNG exports for the first time. Countries including Belgium, Germany and France have asked for European Commission for assessments on whether a ban on LNG transshipments at European ports will hit the Russian economy more than the EU's, they said. Diplomats say they are racing to iron out the 14th package before Hungary takes over the EU presidency in July. Hungarian Prime Minister Viktor Orban, who maintains ties with Russia's President Vladimir Putin, has previously tried to block aid to Ukraine and restrictions on Moscow.
In February, US LNG exports increased by 10% compared to the same month last year, totaling 358.9bn cubic feet (approximately 10.16bn cubic meters). The total number of LNG shipments reached 116. Europe remains the largest consumer of American LNG. In February, France received 1.4bn cubic meters, the Netherlands 1.29bn cubic meters, and the United Kingdom 0.97bn cubic meters. Japan and Turkey were the fourth and fifth largest recipients, respectively.
Russia remaining second largest supplier of LNG to Spain. In the first four months of 2024, Madrid purchased 26,854 GWh of gas from Russia, according to data provided by Spanish energy company Enagas. Russia ranked second in liquefied natural gas (LNG) supplies to Spain in April 2024, according to data provided by Spanish energy company Enagas. According to the report, Spain bought the equivalent of 5,342 GWh of LNG from Russia this April. As a result, Russia took the second position in terms of this fuel supply volumes to the country, behind only Algeria. In the first four months of 2024, Madrid purchased 26,854 GWh of gas from Russia. Enagas earlier reported that Spain acquired 72,690 GWh of Russian LNG in 2023, up from 53,859 GWh in 2022. Thus, based on last year's data, Russia became the kingdom's third largest gas provider.
9.1.2 Automotive sector news
After coming to a total stand still in the months after the invasion of Ukraine two years ago, Russia's automotive sector has almost made a complete recovery and is on course to sell 1.3mn cars this year.
Passenger car and light commercial vehicles (LCVs) sales in Russia grew by 102% in March 2024 y/y and by 86% year on year in 1Q24, to 150,640 sales
166 RUSSIA Country Report June 2024 www.intellinews.com