France, leader in importing Russian liquefied natural gas (LNG) in 2024, is preparing for significant changes in its energy flows. Elengy, operator of three LNG terminals in the country, announced that it had taken measures to comply with the 14th European Union sanctions package, which entered into force in June 2024. These sanctions aim to prohibit the transhipment of LNG origin Russian from March 2025.
European measures against Russian LNG
Adopted to curb Russia's influence in the European energy sector, these sanctions also include other restrictions on LNG trade. The European Union has imported around 13.9 million tonnes of Russian LNG since the start of the year, including 5.4 million tonnes through France, according to S&P Global Commodity Insights. These figures show a significant increase compared to the previous year, highlighting the strategic importance of Russian LNG for France.
Reactions from other European operators
The Zeebrugge terminal in Belgium, managed by Fluxys, recently announced that it was ready to implement these sanctions. Cross-border cooperation between operators seems essential to minimize disruptions in Europe's energy supply, especially during periods of high winter demand.
Consequences for the European market
On the market, LNG prices destined for Northwest Europe remain high, reaching $14.27/MMBtu at the end of November 2024, according to Platts data. This situation reflects ongoing concerns over supply and increased demand linked to winter cold. Future restrictions could exacerbate these tensions, prompting European countries to further diversify their LNG import sources.
As the March 2025 deadline approaches, implementing sanctions will represent an operational and strategic challenge for Elengy and other European actors. These measures also underline the European Union's commitment to reducing its energy dependence on Russia.
