How Russian LNG still powers Europe despite sanctions

The Yakov Gakkel LNG tanker plays a crucial role in maintaining Europe's gas supply, transporting liquefied natural gas (LNG) from Siberia to European terminals. As Sky News reports, this vessel, capable of navigating through ice, ensures a steady flow of gas even during harsh Arctic winters.

Despite European efforts to cut reliance on Russian gas following the 2022 invasion of Ukraine, Russian LNG imports have surged. The sabotage of the Nord Stream pipeline in late 2022 significantly reduced pipeline gas supplies, yet Russian LNG shipments, facilitated by tankers like the Yakov Gakkel, now constitute around 15% of Europe’s gas supply. Many shipments arrive at ports in Belgium, France, and Spain.

This continuous flow of Russian LNG has stabilized European gas prices and supported heavy industries, preventing severe economic disruptions. Since 2022, Europe has paid approximately €10 billion for Russian LNG. Political leaders have avoided banning these imports to prevent another inflation spike.

Recently, European leaders agreed to stop Russia from using European ports for trans-shipping LNG, though this affects only a small portion of imports. Most Russian LNG is delivered directly to European terminals.

Notably, the Yakov Gakkel and other LNG icebreakers are part-owned and operated by Seapeak, a British company. While the UK has sanctions on Russian oil, there are no similar restrictions on LNG, allowing British insurers to cover these shipments. Efforts to contact Seapeak for comment were unsuccessful.

This situation highlights the gaps in the sanctions regime and underscores the ongoing reliance on Russian energy, which funds Russia’s military efforts against Ukraine. As Europe seeks to balance economic stability with geopolitical pressures, the continued import of Russian LNG remains contentious.

For the full story, visit Sky News: https://news.sky.com/story/exclusive-russian-lng-supply-to-europe-continues-12473248.

[Information sourced from Sky News]