The European Union has recorded an absolute volume peak in Russian Liquefied Natural Gas (LNG) imports, purchasing 2.46 billion cubic meters in March. This surge occurred despite the start of a progressive ban on Russian gas in April, a process expected to conclude in a year and a half.
The Primary Buyers of Russian LNG
Spain emerged as the leading customer of Vladimir Putin in March, with purchases totaling 355 million euros, marking a 124% increase compared to the previous month. All Spanish terminals increased their withdrawals, with Bilbao serving as the primary point of entry.
France followed as a significant buyer, spending 287 million euros in a single month. Other notable importers included Belgium and the Netherlands, though a large portion of those volumes were subsequently directed to Germany.
Long-term Trends and Global Market Dynamics
The EU has maintained its position as the primary buyer of Russian gas via pipeline, holding a 33% share of exports. This creates a situation where the EU provides hundreds of millions of euros to Russia while simultaneously providing billions in loans to Kyiv.
To offset dependencies, the US Department of Energy reported record LNG exports to Europe in 2025, totaling 107 billion cubic meters. Of this amount, 5.1 billion cubic meters were sent to Italy, which saw the largest increase in US imports compared to the previous year.
Europe represented 68% of American exports, a 63% increase over 2024. However, market stability in March was as well influenced by a 10.7% annual decrease in Chinese LNG imports, which fell to 11.3 billion Smc.
The Iranian Crisis and European Policy
The combination of the Russian gas ban and the blockage of the Strait of Hormuz has left Europe without a credible energy strategy. Reduced flows from Qatar, linked to the Persian Gulf crisis, were only mitigated by weak Asian demand and continued Russian supplies.
In response, the European Commission is discussing the “Temporary Iran Crisis Energy Framework.” This draft would allow member states to support families and businesses to limit the economic impact of the shock, including temporary reductions in electricity prices.
The Italian ETS Dispute
A point of contention has arisen regarding Article 6 of the Italian government’s “Decreto bollette.” This law provides reimbursements to thermoelectric producers for ETS costs (the CO2 emission tax) to lower electricity prices.
The Commission’s framework suggests state aid should compensate for gas price increases but not include ETS emission costs. However, Alessandro Noce of the Ministry of Environment and Energy Security argues that the Italian measure is a reimbursement parameterized to the ETS, not a cancellation of the tax itself.
Undersecretary Vannia Gava is currently managing the negotiations with Brussels to resolve this technical distinction.
Frequently Asked Questions
Which EU country was the top buyer of Russian LNG in March?
Spain was the primary customer, with purchases amounting to 355 million euros, a 124% increase from the previous month.
How does the EU’s Russian LNG consumption compare to other global powers?
From December 2022 to March 2026, the EU purchased more Russian LNG than China and Japan combined, representing 50% of Russia’s total LNG exports.
What is the “Temporary Iran Crisis Energy Framework”?
It is a draft framework by the European Commission designed to manage the effects of the Iranian crisis by allowing member states to introduce support measures for businesses and families to mitigate economic shocks.
Do you believe the EU can successfully transition to green energy while managing these immediate geopolitical energy crises?
