“The more we can damage Putin’s reputation the more difficult it will be for him to fund the war,” Sebastian Rötters, sanctions campaigner at Urgewald, told me during our recent conversation.
It seems the war in Iran and economic tensions in the West have resulted in the EU taking begrudging measures to meet its energy demands. Logistical difficulties and contractual agreements may have trapped the bloc in a rather unfortunate position. With its various member states, the EU is still trading Russian liquid natural gas (LNG). Recent Kpler analysis shows that their continual import of this natural gas has amassed the Kremlin €3.88bn in the first four months of 2026. This is the highest recorded since Putin began his Yamal LNG project in 2017, according to climate and human rights NGO, Urgewald.
Impact of Russian gas trade
“The EU is being too slow,” Rötters told me. “In 2022 [when Russia invaded Ukraine], Russia shut down their pipelines. As a result, Germany [for example] had a huge gap in their gas supply so countries reduced their gas consumption. At the same time, the importance of Russian LNG grew. Even though the EU sanctioned coal quickly, they never sanctioned gas.”
In Kpler analysis provided by NGO Urgewald, the EU imported 114 Yamal LNG cargoes between January to May 2026. This is 96.7% of all Yamal LNG exports that went to the EU between January and May. In May specifically, 23 out of 25 Yamal LNG cargoes arrived at EU ports, making it 92% of all Yamal exports that month. Exports from May 2026 compared to May 2025 show a 20.7% rise in Yamal LNG gas trade.
The money generated is likely helping Putin fund his war on Ukraine. “It’s obvious that they (the EU) are buying as much as they can because of the gas situation in Europe. The Iran war is making things difficult, and Europe still has a high dependency on fossil gas.”
Higher gas prices due to the Iran war and disruption around the Strait of Hormuz have increased the value of these cargoes. According to data on Investing.com, the 2026 average TTF (virtual gas trading) prices rose from €35 per MWh in January and February to €52.87 per MWh in March. In April, the price dipped to €45.21 per MWh, dropping further to €38.2 per MWh in May. May’s TTF price for importing Russian gas is equivalent to €29mn a day, according to Urgewald.
EU gas imports increase
In January to May 2026, EU imports of Russian LNG rose by 17.9%. This is 8.37 million tonnes in the first five months of this year, higher than the recorded number for the same period in 2025 in which Russian gas imports rose to 5.71m tonnes.
“The EU imports Russian LNG to five countries: France, Belgium, Spain, the Netherlands and Portugal, that’s it,” said Rötters. “Whilst gas consumption in the EU fell from 2022 to 2023, it plateaued in the years since. The EU didn’t reduce gas consumption. They didn’t do their homework.” As a result, these countries still rely on Russian LNG for their gas supply. “The EU should have saved more gas, and cut off gas supply from Russia quickly,” Rötters claimed.
According to Urgewald, the Belgian city of Zeebrugge “remains a main gateway.” Between January and May 2026, the port received 31 Yamal LNG cargoes, up from 25 in the same period last year. In May alone, Zeebrugge received six Russian cargoes at its port, importing an estimated 439,766 tonnes of Yamal LNG imports to the EU that month. Spain imported 34.8% of Yamal imports in May, making them the largest EU importer of Russian LNG that month.
Sanctions on Russian gas
In June 2024, the EU imposed a transshipment ban on Russian LNG. This is a broad sanction that prohibits EU vessels from transporting Russian LNG from EU ports to its neighbours and third countries. However, the sanctions were not imposed until March 2025 to allow for active contracts to conclude before 25 June 2024.
While this is a step forward, member states may permit transshipment services for Russian LNG, if they deem it necessary for transportation to an EU member state for its energy supply. This could be partly what has led to the current issue.
While Russia can trade its LNG to further afield, exports of its gas are very difficult. “It takes a vessel transporting Russian LNG five days to reach its destination in Europe. For a country like China, for example, it takes 30 days. Russia might need 30-40 additional tankers to trade with China. It is easier for Russia to trade with Europe. That explains why Europe remains the preferred destination for Russian LNG. Yamal would break down if the EU stop trading Russian LNG.”
Structural decision
The Kremlin’s project is maintained by a fleet of specialised Arc7 ice-class tankers globally (16 of them, according to Rötters). Out of that small fleet, 11 are owned by European companies. The Kremlin relies on these service ice tankers because of their ability to break through heavy sea ice. They are also incredibly efficient at these European ports, particularly during the year’s most operationally constrained months such as winter. Europe seems to be Russia’s best destination for trading its LNG because of the fast turnaround time. “If we stop imports tomorrow, and keep the Arc7 vessels out of Russia’s hands, Russia’s LNG export business would face serious problems,” Rötters told me.
“Europe is a structural decision in Putin’s exports of Russian LNG rather than an incidental one.” Europe is seemingly a buyer of Russia’s natural gas and a logistical backbone of Putin’s Flagship Arctic LNG project.
“The West is enabling Putin’s Russian LNG business,” added Rötters. “The whole project was built by Western technology. Putin trades with Europe and delivers to Europe. It is hypocritical. If [Europe] drops all of this, it will massively affect Russia; and Putin will have to explain this. The more we can damage his reputation, the more difficult it will be for him to fund the war.”
New, tighter sanctions
On 23 April 2026, Europe introduced its twentieth sanctions package against Russia amid its aggression against Ukraine, but its impact is still unclear. Its nineteenth package was introduced in October 2025, which included one of its most important sanctions: the ban on imports of Russian LNG from 1 January 2027.
“This is the first day the EU will be free of Russian LNG”, Rötters said. “LNG tankers cannot be serviced or insured with EU insurance from January 2027 onwards. This means that long term contracts will have to end. What will happen is that Russia will try to buy the ice-class vessels, but the UK and the EU have to find a way to stop Putin from buying these vessels. If he gets them, they can generate more money for his war project. The other lever is maintenance, which is still possible at the Fayard shipyard in Denmark. This access to maintenance and spare parts is vital for the Arc7 fleet. It’s in Europe’s hands to shut it down.”
Europe’s twentieth sanctions package also includes restrictions that affects new short-term Russian LNG contracts from 25 April 2026, with other measures taking effect some time later. “The EU’s ban on Russian LNG via short-term contracts is a step forward,” Rötters told me, “But long-term contracts remain the core problem. It is still too early to see how the short-term contract restrictions will affect the market. But unless long term contracts are addressed, the lion’s share of Russian Arctic LNG can continue flowing to Europe.”
Kpler data analysed by Urgewald shows that EU imports of Russian LNG from Putin’s Yamal project have increased sharply in 2026, despite their new restrictions on short-term Russian LNG contracts. “EU imports of LNG from the Russian Arctic are still rising,” stated Rötters. “The short-term contract ban has had no visible effect so far, because a timing gap in the rules weakens its impact. That is disappointing, as the current circumstances seem favourable for ending the war by seriously increasing pressure on Russia.”
Stronger EU position
Amidst the importation of Russian LNG by the five countries in Europe, the EU Energy Commissioner Dan Jørgensen says that the EU must not rely on Russian LNG as a result of the war in Iran. “It’s extremely important that we stick to this line. We cannot in Europe help indirectly finance Russia’s brutal, illegal war.”
“Jørgensen is trying his best,” Rötters responded in our interview. “But several member states opposed quicker and tougher measures against Russian LNG. Jørgensen’s hands are tied if the member states block proposals. My wish-list is that Germany and other big member countries will say we have to stop this as soon as possible.”
During the interview, I asked Rötters whether there are any benefits to stopping imports of Russian LNG. “There are plenty benefits: it’s good for Ukraine, good for Europe’s security, it’ll diminish Putin’s reputation, and it’s good for the climate. Whatever option we can take off the table is useful. But this is tricky because nobody wants higher energy prices.”
He continued, “If the trade is closed, it will have a big impact. Europe will have to find cargoes elsewhere and save more gas, an option which we don’t make much use of, but it could increase gas prices. Europe needs gas, but the more important part of the story is that Europe keeps Yamal alive.”
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