US gains $54B from gas supplies to EU amid Russia sanctions: Data
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The European Union has purchased approximately 61 billion cubic meters of gas from the US, averaging around 3.1 billion cubic meters per month for 3.3 billion euros, in the 20 months from February 2022 to September 2023.
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An LNG tanker (AFP via Getty Images)
The European Union has received nearly 66.7 billion euros ($72 billion) worth of liquefied natural gas (LNG) from the United States since February 2022. Without sanctions, US companies would have earned 52.2 billion euros less, as per data from the European Statistical Office (Eurostat) analyzed by Sputnik.
Eurostat data revealed that over the 20 months from February 2022 to September 2023, the European Union purchased approximately 61 billion cubic meters of gas, averaging around 3.1 billion cubic meters per month at a cost of 3.3 billion euros.
Prior to the commencement of the war in Ukraine, the United States supplied an average of 1.25 billion cubic meters of gas per month, valued at 725 million euros, as indicated by the data.
Read more: Macron calls out US for double standards on gas prices to EU
The big picture
The "additional cost" resulting from sanctions against Russia for US gas companies in the European market amounted to 36 billion cubic meters of gas over 20 months, according to the data. This led to the EU incurring a cost of 52.2 billion euros, with European countries paying twice the amount for gas compared to the period before the war.
Decreasing reliance on Russian energy emerged as a key focus for the European Union following the initiation of the war in Ukraine. In response, the bloc opted to substantially decrease its imports of Russian fuels, resulting in a notable surge in gas prices within the bloc.
To mitigate the price increase, the European Commission introduced various measures, such as collective purchasing, imposing price caps, and intensifying energy conservation initiatives. Additionally, as part of these endeavors, the bloc has enhanced energy collaboration with several countries, including the United States, Algeria, and Nigeria, with a specific emphasis on the import of liquefied natural gas (LNG).
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