LNG for billions of euros. Money from EU countries continues to flow to Russia

According to Urgewald, from January to October 2026, the EU received 177 LNG tankers carrying 12.9 million tons of gas, a slight increase from the previous year. However, due to rising LNG prices linked to the US-Israel conflict with Iran and the blockade of the Strait of Hormuz, the transaction value increased significantly. France was the largest recipient, receiving 42% of the shipments, followed by Belgium and Spain. The EU plans to ban Russian LNG imports entirely starting next year, although some suggest delaying this decision due to the blockade. The loss of the European market would severely impact Russia's LNG exports, as the Arctic's Jamal project is currently its only source for the EU.