The US has imposed a 50 percent tariff on India in the month of August itself. The reason is the import of Russia oil. Now the havoc of American tariff is going to be broken elsewhere. The reason for this is only Russia. In fact, America can impose a big tariff on the European union banning Russian crude oil. According to a report, Russia has increased the import of Russian LNG towards EU since Ukraine War. The special thing is that it has seen an increase every year. That too at a time when Trump is constantly failing to end Russia from Ukraine. Because of which he has asked to put tariffs on those countries who are buying natural gas and crude oil from Russia to stop the war. Let us also tell you how much LNG is being imported from Russia by EU.
Shocking report
The European Union has been growing globally natural gas (LNG) imports from Russia since the Russia-Ukraine War began in February 2022, while the European Union banned the Naira Energy Refinery in India last month. Russian oil company Rosneft holds 49.13 per cent stake in this. The European Union said that the profit from the refinery is promoting Moscow’s war. According to a study by the Finland-based Independent Research Organization Center for Research on Energy and Clean Air (CREA), the Russian LNG import of the European Union has increased by 9 per cent from 2022, while imports have declined from other sources including the US.
How much LNG bought?
The European Union paid $ 8.5 billion for Russian LNG in 2024. The reason for this was difficulty in getting enough non-Russian gas supply. According to the CREA, the Gas import of European union from Russia was 9.6 percent more in 2024 than 2021. According to CREA data, in 2024, the LNG import of European union from Russia will reach 16.5 million tonnes, which is more than the previous record of 15.21 million tonnes in 2022. According to the research organization, since the introduction of Russia-Ukraine War, European Union member countries have paid more than 212 billion euros for import of Russian fuel.
More business than Russia than India
According to some reports, in July, Russian energy company Gazprom’s average daily natural gas supply to Europe increased by 37 per cent. In 2024, the European Union had a bilateral goods trade with Russia of 67.5 billion euros. In addition, last year, the Service Trade of the European Union was estimated at 17.2 billion euros. This was much higher than the total trade with Russia of India that year or after that year. According to a statement by the Ministry of External Affairs of India, Europe-Russia trade includes not only energy, but also fertilizers, mining products, chemicals, iron and steel, machinery and transport equipment.