HomeMediaLatest NewsThe consequences of the UK's refusal of Russian LNG

The consequences of the UK's refusal of Russian LNG

28 October 2022

Belogoryev Alexey M. Research and Development Director, Director of the Center for Energy strategic analysis and forecasting

Alexey Belogoryev, Deputy Principal Director on Energy Studies of the Institute for Energy and Finance, commented to RIA Novosti on Russian LNG supplies to the UK and the consequences of their ban from January 1, 2023.

London's refusal to import Russian LNG will not cause a strong blow to either Russia or Britain, Alexey Belogoryev believes:

"In the structure of total imports, the share of Russian LNG in 2021 was only 6.2%, and in consumption - 4.1%. These volumes are relatively small and quite replaceable ... For Yamal LNG, the loss of the British market is also not critical," the expert said RIA Novosti.

At the same time, he stressed that if Russia completely loses access to the European market, Yamal LNG will experience difficulties not only in terms of demand, but also logistics, since the project was focused specifically on Europe. Last year, all deliveries of Russian liquefied gas to the UK were made from the Yamal LNG plant, and Russia took third place in the export of this raw material to the island after Qatar and the United States, Belogoryev noted.

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