Hormuz Blockade Drives EU's Russian LNG Imports to All-Time High

Europe's reliance on Russian gas has deepened to a record this year, an awkward consequence of the energy shock unleashed by the closure of the Strait of Hormuz and one that exposes the limits of the bloc's sanctions architecture.

The European Union imported 6.69mn tonnes of liquefied natural gas from Russia's Arctic Yamal project between January and April, the highest first-four-month total since exports began in 2017 and 17.2 per cent above the same period last year, according to analysis of Kpler shipping data by the campaign group Urgewald. The cargoes accounted for 98 per cent of all Yamal shipments reaching a final destination, leaving Europe the indispensable market for a project Moscow built to serve it.

The surge has been amplified by the Hormuz crisis. With the strait largely shut since late February and QatarEnergy's force majeure stripping roughly 12 to 14 per cent of European LNG supply, traders rushed to secure alternative molecules. Benchmark Dutch TTF front-month prices climbed above €52 per MWh in March, inflating the value of each Russian cargo. Urgewald estimates EU payments to Russia reached €3.88bn over the four months.

Belgium's Zeebrugge terminal remained a principal entry point, taking 25 cargoes, or roughly one tanker every 4.8 days. The trade leans on a small fleet of Arc7 ice-class carriers, most operated by UK and Greek owners, underscoring how European ports, services and long-term contracts sustain the flow.

Brussels introduced restrictions on short-term Russian LNG deals from 25 April, with a full ban due on 1 January 2027. Analysts note long-term contracts, which cover most Yamal volumes, remain exempt, and that replacing some 15mn tonnes annually will test a market already short of Gulf supply.