The import of the gas from Russia was reduced

CEE Macro and FI Daily , 14. Feb
The import of the gas from Russia was reduced

After the outbreak of the war in Ukraine, the EU rush to find new suppliers of gas. The import of the gas from Russia was reduced substantially over the course of 2022 and remained at lower levels since then. The decline in the share of Russias pipeline gas in EU imports was possible mainly due to a sharp increase in LNG import and an overall reduction of gas consumption in the EU. The share of gas imports from Norway and America increased over last three years. Most recently, Poland's president Duda has said that gas flows from Russia to Western Europe should never be restored, even if Russia and Ukraine reach a peace deal. Furthermore, EU countries agreed to a legally binding target to fill their gas storages to 90% of capacity by 1 November each year, to ensure sufficient security of supply and market stability for the winter months.