The European Union has significantly boosted its imports of Russian liquefied natural gas as an intense summer heatwave drives record fuel withdrawals from regional storage facilities. Meanwhile, Middle Eastern transport corridors show tentative signs of relief following a new bilateral maritime pact between Muscat and Tehran.
Global market
In June, the European Union imported 14% more Russian liquefied natural gas (LNG) compared to the previous year, securing Moscow approximately 60 million euros per day in revenue. This supply surge comes as a historic summer heatwave forced European operators to withdraw a record 964 million cubic meters of gas from underground storage facilities in July—1.5 times the volume recorded in July 2025 and the highest level for the month since 2022. Consequently, European underground storage levels have fallen to 58.32% capacity, containing about 33 billion cubic meters of gas. Analysts from Politico warned that Germany’s current refusal to purchase gas directly threatens the bloc’s upcoming winter heating season.
On the maritime logistics front, Japanese shipping company Mitsui O.S.K. Lines reported a tightening supply-demand balance in the crude oil tanker market due to Middle East cargo diversions. To ease regional pressures, Iran and Oman have agreed to establish a temporary shipping corridor through the Strait of Hormuz. However, Tehran’s parliament has already begun reviewing a draft transit bill that would explicitly bar US and hostile vessels from utilizing this route.
Russia & CIS
Within the Russian domestic market, State Duma Speaker Vyacheslav Volodin announced the implementation of legislative measures designed to stabilize the fuel sector. These actions follow ongoing drone-related security incidents at regional refining assets. In Krasnodar Krai, Seversky district head Andrey Cheverev confirmed that a fire at the Ilsky refinery caused by falling drone debris was successfully extinguished. In response, the Russian Ministry of Defense confirmed a precision strike that destroyed a major military fuel and lubricant depot in Kyiv.
Additionally, fuel distribution networks are recovering from localized shortages. In Khakassia, regional head Valentin Konovalov reported that restrictions on fuel sales at local petrol stations were lifted after Rosneft and Gazpromneft dispatched additional tankers. In corporate developments, Ukrainian lawmaker Yaroslav Zheleznyak reported that Ukrainian official Yulia Sviridenko is under consideration to be appointed as the new head of state-run energy company Naftogaz.
Armenia
While domestic retail prices for petrol and natural gas in Armenia remain stable, the republic remains highly sensitive to broader regulatory adjustments within the EAEU. The legislative market-stabilization measures introduced in Russia, as announced by State Duma Speaker Vyacheslav Volodin, are expected to preserve the reliability of bilateral fuel supplies to Yerevan.
Furthermore, the opening of the temporary shipping corridor by Iran and Oman in the Persian Gulf provides critical transit security for Armenian supply chains. Deep integration within the EAEU allows Armenia to safeguard its consumer market from having to procure essential energy resources at rates set by volatile international market price assessments.
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