EU companies consider resuming Russian gas imports

With Russian fuel supplies almost completely cut off, US liquefied natural gas (LNG) has helped ease shortages in Europe. President Trump's policies, however, have strained relations with EU allies and turned energy into a political instrument. In this context, European companies are likely to return to Russian gas imports.

Didier Holleaux, vice president of France’s Engie, said Russia could supply about 20–25% of the EU's fuel needs, which amount to 60–70 billion cubic meters a year, including LNG. Germany, in particular, is even more dependent on cheap Russian gas, sourcing 60% of its fuel primarily through the Nord Stream pipeline. 

Christof Guenther, managing director of InfraLeuna, expressed concerns over the German chemical industry, which has been shedding jobs for five consecutive quarters. He describes the situation as a serious crisis for the country’s economy and believes that reopening the pipelines may lead to greater price cuts than any subsidy programs could achieve.

Meanwhile, several European officials have acknowledged that US LNG is widely used as a geopolitical tool. They see dependence on it as problematic, as trade disputes might prompt the US to cut back on LNG shipments.