Russia says it can resume gas deliveries to Europe
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- Dmitry Peskov said Russia would be ready to keep supplying natural gas to Europe if any volumes remain from increased exports to other markets.
- European Union plans to ban all Russian oil and gas imports gradually by the end of next year, a decision Peskov called unwise.
- Yamal LNG shipped 71 LNG cargoes from the Yamal Peninsula between January and March, of which European buyers purchased 69, including 25 in March alone, representing 1.8 million tons.
- European buyers increased purchases from Yamal LNG by 17% in Q1, totalling 5 million tons, according to Kpler data cited by the Financial Times.
- Kpler data shows the EU bought 69 out of 71 LNG cargoes, indicating the EU's reliance on Russian LNG despite attempts to secure alternatives.
- Peskov noted that the gas spot market functions like a living organism, with many liquefaction plants in Europe and the Middle East, suggesting Europe will find a way to secure supply even with a ban.
Why it matters: Europe’s push to cut Russian oil and gas has not reduced its reliance on Russian LNG, which the Kremlin can continue to supply from spare volumes, preserving revenue and leverage. Meanwhile, EU consumers may face higher prices as alternative supplies remain scarce and costly.
