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Russia raises LNG exports by 11% y/y in January – data

Tuesday, 06 February 2024 | 13:00

Russia increased exports of liquefied natural gas (LNG) in January by 11% from the same month a year ago to 3 million metric tons, of which 1.77 million tons were shipped to Europe, LSEG data and Reuters calculations showed on Monday.

Total exports fell from a record 3.2 million tons in December. Shipments to Europe were down from 1.9 million tons in December, but up 18% from 1.5 million tones in January 2023, according to the data.

Russian LNG supplies have grown in importance for the European Union after U.S. President Joe Biden last week paused approvals for applications to export from new U.S. LNG projects in order to review their climate change and economic impact.

Russia is increasing sea-borne supplies of LNG to Europe as exports of pipeline gas have plummeted due to political fallout over the Ukrainian conflict.

Russia’s energy revenue has fallen since western powers imposed sweeping economic sanctions on Moscow over its actions in Ukraine, but LNG still brings in billions of dollars.

Poland and the Baltic states have been calling for import bans on Russian aluminium and LNG. EU diplomats have said the European Commission will not add any new import bans in its next package of sanctions on Russia as a 13th package proposal takes its final shape.
Source: Reuters (Reporting by Oksana Kobzeva; writing by Vladimir Soldatkin; Editing by Mark Trevelyan)

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