Russian LNG exports dropped 3% year-on-year in January to May, according to data

LSEG released preliminary data on Monday showing that Russia's LNG exports in the first five month of this year fell by 3% compared to a year ago, reaching 13,2 million metric tonnes. This is due to the impact of sanctions.

Due to the conflict in Ukraine, the United States has placed sanctions on Russian companies and vessels that are linked with the new Arctic LNG 2 facility. This effectively freezes the project as Moscow is unable to find buyers.

U.S. president Donald Trump said that he wanted the European Union (EU) to buy more U.S. LNG, and he would make it more available.

According to LSEG, Russia's exports of LNG were the same in May as they were a year ago, at 2.7 millions tons.

After sanctions were imposed on March, Russian LNG exports in Europe fell by 12% on an annual basis to 6.6 millions tons. In May, supplies to Europe dropped by 14.3%, to 1.2million tons.

Novatek's Yamal plant reduced total exports by 0.6% on an annual basis in May to 1,61 million tons. The plant's output was stable in the first five month of the year at 8.2 millions tons.

Sakhalin-2 (controlled by Gazprom) increased its exports in May to 950,000 tonnes from 890,000.000 tons a year earlier.

The project has seen exports increase to 4.6 millions tons from 4.4 in January-May of 2024. (Reporting and editing by Mark Trevelyan; Oksana KOBZEV)

(source: Reuters)