For the past decade, Vladimir Putin has been quietly pursuing his goal of transforming Russia's frozen northern coast into a global shipping hub to rival the Suez canal. It's a bet that appears to be paying off at a key moment.
"The EU has banned coal imports, has banned first crude oil, and then refined oil product imports, but has never touched gas," said Lauri Myllyvirta, lead analyst at the centre for research on clean air and energy, which has monitored Russian energy exports throughout the war.
"And, so, Europe has, throughout this invasion and this crisis, been in that mode of basically buying all the gas that it can from everywhere that it can," he said.due in part to the destruction of the Nord Stream pipelines In total Novatek shipped more than 20 million tonnes along the NSR in 2022, and in a January statement, Rosatom announced that in excess of 34 million tonnes of cargo, in total, had been shipped.The revenue from NSR shipping has become even more important for Russia since Moscow sent tanks rolling into Ukraine a year ago.
While claiming it would exit its Russian operations in 2022, Shell — the world's largest trader of LNG — continued to receive the commodity from Russia as part of a long-term contract. However, while Europe remains the top buyer for LNG, the total volume is falling, as leaders find other sources, including Australia, and citizens begin transitioning to alternative heating methods.
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