(Bloomberg) Russia's liquefied natural gas exports have remained strong since the invasion of Ukraine, highlighting the reluctance of buyers from France to Japan to suspend fuel deliveries.
In March, Russian LNG exports are roughly on par with daily deliveries a month ago, and are 10% higher than those of a year ago, according to ship monitoring data compiled by Bloomberg. Russia will be the fourth largest exporter in the world this month, according to data.
Governments around the world condemn Russia's war in Ukraine, but find it difficult to stop importing its natural gas, used to power factories and heat homes. While most fuel importers are avoiding additional purchases of spot LNG from Russia, they continue to accept contracted deliveries of supercooled fuel. Russia exports only a small percentage of its LNG to the spot market.
The sanctions against Russia have largely neglected natural gas, so that LNG buyers can continue to import cargo. A global supply crisis means that importers want all the shipments they have already contracted.
This month, Japan has been the main destination for Russian LNG, despite notable management by electricity companies to stop buying spot LNG from its northern neighbor.
France is the second largest importer of Russian LNG. Paris-based TotalEnergies SE has a minority stake in the Russian export plant Yamal LNG and has publicly stated that it will not abandon its investment due, in part, to security of supply to Europe.
Undoubtedly, about a third of Russia's LNG shipments are still in transit and it is not clear where they will end up. India and China are expected to continue buying spot LNG shipments from Russia, according to operators.
Not a single drop of Russian LNG was delivered to the UK in March. The Government banned ports from giving access to Russian ships. Even ships with the flag of other nations carrying Russian LNG have voluntarily diverted from the United Kingdom.
Original Note:
Quitting Russia LNG Proves Tough as Nation's Exports Stay Strong
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