Europe spends 7.28 billion euros on Russian Arctic LNG

European nations have spent approximately 7.28 billion euros on Russian liquefied natural gas (LNG) from the Arctic-based Yamal project in the first eight months of the year. This expenditure already exceeds the total amount spent throughout 2025.

Data from the NGO Urgewald indicates a 10.1 percent increase in imports compared to the same period last year. Between January and August, European ports received 156 shipments totaling 11.39 million tons of gas. According to market analysis firm Kpler, Europe now accounts for nearly 89 percent of the total global exports from the Yamal project, up from 78.2 percent in 2025.

Analysts suggest that EU buyers are increasing imports to build up stocks ahead of a planned ban on Russian LNG scheduled for January 2027. Much of this trade is conducted through existing long-term contracts, as short-term LNG imports were prohibited earlier this year. The rise in costs is attributed to both higher gas prices and shipping disruptions in the Middle East, specifically around the Strait of Hormuz. Key importers include France, Belgium, Spain, and the Netherlands, while European-linked companies such as Seapeak and Dynagas manage a significant portion of the Yamal export logistics.