EU still absorbing bulk of Russian Arctic LNG despite phase-out push
The vast majority of Yamal and Arctic cargoes shipped in the first half of the year ended up at European terminals
Europe remained the dominant destination for Russian Arctic liquefied natural gas through the first half of the year, with almost all of the cargoes leaving the country's northern projects discharged at European terminals rather than sent east.
Of the roughly 140 shipments lifted from the Yamal and Arctic loading facilities during the period, the large majority were delivered into the European market. France took the biggest single slice, followed by Belgium and Spain, the three of them accounting for most of the region's intake.
The gas is carried on a fleet of ice-class vessels built to work the frozen conditions of the far north, a specialised class of ship that is expensive to build and limited in number. Ownership of that carrier fleet is split between a handful of operators, with one holding close to half of the tonnage and two others sharing the balance.
The continued flows underline how difficult it has been for the bloc to wean itself off the cargoes, with buyers still holding long-term supply commitments even as policymakers set out a timetable to bring the trade to a close. Maintenance work at one of the yards handling the carriers has added a further complication to the logistics behind the trade.
