GERMANY'S GAS DILEMMA

Germany still imports significant amounts of gas from Russia

Germany obtains only 10-13% of its natural gas via its much-lauded LNG terminals. However, approximately 40% of its natural gas comes from the Netherlands and Belgium, where it is landed as LNG and transported to Germany via pipelines. It is rarely discussed that Belgium obtains 40% of its LNG imports from Russia via Zeebrugge, as does the Netherlands with 13% of its imports. Therefore, we are still indirectly receiving significant quantities of Russian gas. France imports a third of its LNG from Russia (see the following graphic: Netherlands in yellow, Belgium in purple, France in blue, source: IEEAE LNG Tracker). According to EU plans, these imports are to be phased out beginning January 1, 2027. This will likely result in a trend towards higher prices. 

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