The Finnish company Gasum stops purchasing Russian liquefied natural gas

Finnish state-owned gas company Gasum has announced it will stop buying liquefied natural gas (LNG) from the Russian Federation as a result of new European Union sanctions. According to the company's press service, this step meets the requirements and restrictions introduced by the EU since July 26.

According to Gasum's announcement, they fully comply with all sanctions restrictions that prohibit the purchase and import of Russian LNG. Even if the agreement with Gazprom Export remains in force, these sanctions are considered force majeure circumstances for continued cooperation.

One of the key projects supplying Gasum LNG is the Kryogaz-Vysotsk joint venture, created jointly with Gazprom and Novatek. This project has a capacity of 660,000 tons per year and provides LNG supplies to Finland.

In 2022, Finland imported 195,000 tons of LNG, and this volume was mainly met through cooperation with Russian producers. Fuel was also bought by other countries, such as Sweden and Belgium. According to the demand for LNG in the region, it was noticeable that Gasum produced even more - 707 thousand tons of LNG in 2022, which indicates a stable market and demand for this type of energy resources.

Gasum's decision to stop importing Russian LNG is in line with the overall EU strategy to reduce energy dependence on Russia and maximize the use of alternative energy sources. The move also reflects support for international sanctions to isolate the Russian economy due to its aggressive actions on the international stage.