FT News Briefing Why Europe can’t quit Russian energy
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Aug 30, 2023 The EU faces a conundrum as it imports record volumes of liquefied natural gas from Russia, despite efforts to quit fossil fuels. Belgium and Spain play crucial roles in altering the energy landscape, revealing economic dependencies. Meanwhile, a significant court ruling allows Grayscale to launch a bitcoin ETF, shaking up financial markets. In the backdrop, Goldman Sachs utilizes Chinese state funds to acquire American and British firms, raising questions about regulatory responses and job impacts amid soaring economic tensions.
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EU's Russian LNG Imports
- The EU is importing record levels of Russian liquefied natural gas (LNG) despite efforts to reduce reliance on Russian energy.
- This is driven by the need to replace piped gas lost after Russia's invasion of Ukraine and tight global supply.
LNG Import Hubs
- Belgium and Spain are major importers of Russian LNG due to their large port hubs like Zeebrugge.
- These hubs receive LNG from ice-breaking tankers and redistribute it to other countries.
Repower EU Progress
- The EU's Repower EU plan has significantly reduced reliance on Russian piped gas to below 10%.
- Increased LNG imports, however, pose a risk due to continued dependence and potential supply disruptions.