Ukraine Strikes Deal with US LNG Exporter as Russian Gas Imports to Europe Surge - Financial Times

Jun 16, 2024, 09:04 AM

Ukraine has struck a deal with US LNG exporter Venture Global to begin shipping transatlantic cargoes to a Ukrainian company this year. This move is part of Ukraine's efforts to reduce Russian energy influence. Since the Russian invasion of Ukraine began, US LNG has become a significant source of energy for Europe, supplying nearly 20% of European gas consumption in May 2023. However, in May 2024, Europe's gas imports from Russia overtook supplies from the US for the first time in almost two years, with Russian gas and LNG shipments accounting for 15% of total supply to Europe, while US LNG made up 14%, the lowest level since August 2022, according to the Financial Times. This shift highlights the ongoing challenges Europe faces in reducing its dependence on Russian fossil fuels.