Europe continues to buy Russian gas: 2.35 billion euros reached the EU in seven months

Despite sanctions imposed on Russia, Europe continues to import significant volumes of Russian liquefied natural gas (LNG). In the first seven months of 2026, European Union countries received Russian LNG valued at approximately 2.35 billion euros, according to an analysis by the German organization Urgewald. The Greek shipping company Dynagas was a major transporter, delivering 35% of the total LNG volume to the EU from Russia's Yamal LNG terminal.

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Scandalously, Greece obtained an exemption in the EU sanctions negotiations from which Dynagas, the company of billionaire George Prokopiou, could benefit, and the business it continues to do with Yamal LNG.

This trade occurs even as the EU prepares to implement a ban on Russian LNG imports in January 2027. Dynagas received a waiver from sanctions, allowing it to continue certain shipments to non-EU countries. However, critics point out that this exemption benefits the company, owned by billionaire George Prokopiou, and allows continued business with Yamal LNG. Sebastian Roetters of Urgewald criticized the decision, stating that Greece secured a waiver that benefits Dynagas and that the EU has weakened a key pressure tool against Russia's arctic trade.

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The EU has weakened one of the most powerful tools of pressure it had on Russia's arctic trade.

During the analyzed period, 92% of the LNG exports from the Yamal terminal were destined for EU member states, generating an estimated 6.64 billion euros in revenue for Russia. Alexander Kirk of Urgewald condemned the continued payments for Russian LNG while Ukraine endures intense bombardment. He argued that European governments have had ample time, over four years since the full-scale invasion, to diversify their energy sources and end this dependency. Some EU nations, like Belgium, are heavily reliant on Russian LNG, with 100% of its imports coming from Russia during the period in question.

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While Ukraine is enduring an intense campaign of Russian bombings and fighting for its freedom and for European democracy, it is unacceptable for Europe to continue paying billions for Russian LNG.