The dilemma of Eurocentrism

The InfoTEK magazine published an author's column by Alexey Belogoryev, Research and Development Director at the Institute for Energy and Finance, on the topic "The Dilemma of Eurocentrism: What's Happening with Russian LNG Exports?"

In March 2023, EU energy ministers approved the idea of giving their governments the right to restrict at the national level the use (the right to reserve capacities) of regasification terminals for the supply of Russian liquefied natural gas (LNG). With such an unusual proposal, which does not require the introduction of additional sanctions at the EU level, made, as far as we know, Poland, Finland and the Baltic countries. The idea has not yet received legal formalization, it has yet to be considered by the European Parliament. However, in May, Teresa Ribera, the Minister of Energy of Spain (one of the main buyers of Russian LNG), confirmed that the EU countries intend "sooner rather than later" to abandon Russian LNG. Earlier, the Spanish government advised its companies not to enter into new contracts for the supply of LNG from Russia. The EU Energy Commissioner Kadri Simson also addressed European companies with a call not to renew existing contracts in March. “We can and should completely get rid of Russian LNG as soon as possible, while keeping in mind our security of supply,” she said.

Let's try to see what is happening with the Russian LNG supply and how critical are the political risks associated with Europe.