EU Ramps Up Yamal LNG Imports in Q1, Paying Russia $3.3 billion Despite Looming Ban

The European Union sharply increased imports of liquefied natural gas from Russia’s Yamal LNG project in the first quarter of 2026, taking nearly all available cargoes and paying an estimated €2.88 billion, according to new analysis, even as a future import ban threatens to curb flows.

Data compiled by environmental group Urgewald based on Kpler tracking showed the EU received 69 cargoes from Yamal LNG in the January–March period, up from 60 in the same quarter a year earlier. The bloc accounted for 97% of the project’s global exports, underlining Europe’s central role in sustaining Russian Arctic gas flows. Only two shipments were destined for outside of the EU with China taking its first shipment since November 2025.

“Europe remains the indispensable market for Russia’s flagship LNG project, but has so far chosen not to use that leverage,” Urgewald said in its analysis.

The surge came as gas prices spiked in March following geopolitical tensions linked to an attack on Iran and the closure of the Strait of Hormuz. Benchmark Dutch TTF front-month prices rose more than 50% month-on-month, inflating revenues for Moscow.

Each shipment from the Arctic port of Sabetta to Europe takes an average of 8.3 days, enabling rapid turnaround for Yamal’s fleet of 14 specialised Arc7 ice-class tankers. With each vessel delivering a cargo roughly every 22 days, the project relies heavily on quick access to European terminals to maintain output during winter months when ice conditions limit operations.

This logistical dependence has reinforced Europe’s role not just as a buyer but as a critical hub for transshipment and continued exports.

Critics say the continued purchases undermine EU efforts to reduce reliance on Russian energy following the invasion of Ukraine.

“The attack on Iran must not be used as an excuse. By maintaining its dependence on gas, the EU has knowingly risked another energy crisis,” said Sebastian Rötters, Sanctions Campaigner at Urgewald.

However, analysts say the current boom in Russian LNG revenues may be short-lived. An EU ban on Russian LNG imports is set to take effect in less than nine months, which could significantly disrupt Yamal’s export model.

A recent study suggests Russia currently has less than half the shipping capacity needed to redirect volumes to more distant markets. Without access to European ports, annual shipments from Yamal could fall from around 270 cargoes to just 120–130, sharply reducing revenues.

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