According to the Center for Research on Energy and Clean Air, since the start of the full-scale war in Ukraine until September this year, the EU has purchased half of all Russian liquefied natural gas exports. Next are China (22%) and Japan (18%), writes The Guardian.
The EU also remains the main buyer of pipeline gas. Europe receives 35% of Russian supplies, while China purchases 30%, and Turkey 29%.
Last month, Hungary and Slovakia were the largest importers of Russian gas in the EU, purchasing it for 393 million euros and 207 million euros, respectively. France was the third-largest buyer of Russian gas in the EU last year, importing Russian fossil fuels worth 153 million euros. It is followed by Belgium (92 million euros) and the Netherlands (62 million euros).
Meanwhile, as The Guardian writes, the US has become the largest supplier of LNG to Europe. Last year, the US accounted for more than 55% of LNG imports to the EU, whereas in 2019 this figure was negligible. Additionally, the US can expect to increase gas exports to Europe after the EU agreed last week to completely phase out Russian gas imports, including LNG, by early 2027.
Russia's monthly revenues from fossil fuel exports last month fell by 4% to the lowest level since the start of the full-scale invasion and currently stand at half the level of September 2022. Following US sanctions, the revenue decline will be much greater due to the cessation of supplies to India and China.
Analyst Luke Wickenden from the Center for Research on Energy and Clean Air (Crea) believes that a significant reduction in fossil fuel imports to Asia will be "devastating" for the Kremlin's export revenues.
"From January to September this year, 86% of Russia's crude oil exports, including pipeline supplies, went to China and India. If Moscow loses access to these markets, it could lose about 7.4 billion dollars in monthly revenue, which corresponds to approximately 3.6 billion dollars in monthly tax revenues that go directly to the Kremlin's military budget," said Wickenden.