The European Union intends to reduce reliance on Russian fossil fuels, as indicated by a substantial increase in LNG imports from the United States. Despite a significant drop in pipeline gas imports from Russia, imports of Russian LNG remain considerable. European energy companies are actively signing contracts for future LNG supplies from U.S. projects. The announcement includes a $750 billion investment over three years, with questions remaining on its impact compared to existing energy purchase levels.
We want to absolutely get rid of Russian fossil fuels, and therefore it is much welcome to purchase the more affordable and better LNG from the United States.
EU pipeline imports of gas from Russia, once its dominant supplier, have fallen greatly. But imports of Russian LNG remain substantial.
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