BAKU, Azerbaijan, September 12. The European Commission’s State of the Energy Union Report 2024 highlights the EU's significant achievements in reducing its dependency on Russian fossil fuels, Trend reports.
As part of sanctions targeting Russian crude oil, refined petroleum products, and coal, the EU has drastically reduced its imports of Russian gas—both pipeline and liquefied natural gas (LNG). Russian gas imports fell from 45 percent of the EU's total gas supply in 2021 to just 18 percent in the first half of 2024, marking a sharp decline from 150.2 billion cubic meters (bcm) to 25.4 bcm. The annual volume imported in 2023 dropped by 72 percent compared to 2021, signaling the EU's commitment to phasing out Russian fossil fuels.
This shift has had major repercussions on Russia, with its revenues from gas sales to the EU plummeting by more than 70 percent since the peak of the energy crisis in 2022. To further cut Russia's energy profits, the EU introduced additional measures in its 14th sanctions package, adopted on June 24, 2024. These new sanctions ban the use of EU reloading services for transshipment of Russian LNG to third countries and prohibit fresh investments, goods, technology, and services for ongoing Russian LNG projects, including Arctic LNG 2 and Murmansk LNG.
In parallel, the EU has exceeded its voluntary gas demand reduction target, originally set at 15 percent under emergency regulations. From August 2022 to May 2024, the EU achieved an 18 percent reduction in gas demand, saving 138 bcm of gas. This success was driven by collective efforts from EU Member States, businesses, and citizens, helping the region avoid supply shortages and maintain energy security. The gas-saving measures have been extended through a Council Recommendation to ensure continued progress in managing energy supply challenges.
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