Current Situation of Russian LNG Imports in the EU
Russian LNG imports remain at a relatively high level even in 2025. Despite a ban since March 2025 prohibiting the transshipment of Russian LNG through EU ports for non-EU destinations, individual EU states continue to import significant quantities directly from Russia.
Countries like Belgium and France are key recipients of Russian LNG. For example, Belgium imported Russian LNG worth approximately 175 million euros in April 2025, while France, with around 371 million euros in fossil fuel imports from Russia, is one of the largest buyers.
Economic Impact on Price Development and Energy Policy
The ongoing imports contribute to keeping the European gas market tight. Natural gas prices have remained high due to an overall strained market and geopolitical uncertainties.
At the same time, many EU countries are diversifying their sourcing – for instance, through increased US LNG deliveries – leading to a differentiated price structure. US LNG was cheaper than pipeline gas from Russia in March 2025; however, Russian gas remains competitively priced enough to continue being in demand.
The European Commission has announced a roadmap to completely phase out reliance on Russian gas by 2027. This will require significant investments in alternative energy sources and infrastructure.
Relevance for Private Investors
For investors, these developments mean increased volatility in energy prices: Rising or fluctuating gas prices directly impact inflation expectations and thereby affect capital markets. Companies with high energy cost dependence may come under pressure; at the same time, opportunities arise for investments in renewable energies and infrastructure projects to diversify energy supply.
Countries like Hungary face particular challenges: a large portion of gas is still sourced from Russia there; at the same time, there are plans to expand the Paks II nuclear power plant using Russian technology – which could be complicated by sanctions.
In summary, the continued import of Russian liquefied natural gas stabilizes supply in the short term but contributes to maintaining high prices and partly delays necessary transitions to alternative energy sources.