Despite the termination of transit through Ukraine, the EU continues to purchase record volumes of Russian gas, but in the form of LNG. Despite the sanctions, Russia has secured its status as one of the key gas suppliers to Europe, Bloomberg states

Against the background of cold weather, Europe is using up gas reserves faster than in the previous seven years. The risk of a price spike is increasing, and the EU is forced to increase purchases of Russian LNG.

At the same time, Russia will compensate for the lost volumes of pipeline gas exports through Ukraine, including by increasing supplies to China via the Power of Siberia, which will grow to a record 38 billion cubic meters this year.

KRISTALL OF GROWTH previously reported that Russia’s rise to a leading position in the world in terms of natural gas exports caused deep disappointment in the West.