EU member states have spent 8.7 billion euros on Russian LNG so far this year

In 2026, EU countries remained the largest buyers of Russian LNG, spending €8.7 billion in the first ten months, a 21% increase from 2025. Despite a ban on Russian LNG purchases starting January 1, 2027, EU nations continued trading with Russia. Data shows that 12.9 million tons of LNG arrived at EU ports from the Arctic Jamal project, marking a 6.3% annual increase. France was the largest buyer, followed by Belgium and Spain. The Jamal project, crucial for extracting gas from the Yamal Peninsula, produces about 17 million tons of LNG annually. A recent model suggests that replacing Russian LNG could lead to a 1-2% price increase, with new risks emerging from geopolitical tensions and LNG availability.