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2 hours ago 2 min read
New data from analytics firm Kpler published today by German environmental organisation Urgewald shows the EU imported 69 cargoes of LNG from the Yamal Arctic LNG project, generating an estimated €2.88bn ($3.33bn) in payments to Russia in Q1.
This total was significantly inflated by a war driven spike in gas prices in March, when the monthly average TTF front month price rose from the €35 per MWh benchmark used for January and February to €52.87 per MWh in March, an increase of more than 51% following the attack on Iran and the closure of the Strait of Hormuz.
The data shows that 97% of all Yamal Arctic LNG deliveries in Q1 went to the EU.
It raises further doubts as to whether EU targets to phase out Russian LNG are realistic, particularly with ongoing Middle East supply chain pressures.
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