Russia exported 14.5 million metric tons (mmt) of liquefied natural gas (LNG) between January and May, marking an 11.5% increase compared to the same period last year, according to Reuters. The growth was driven by higher output from the Arctic LNG 2 project.

Russian LNG shipments reached 3.12 mmt in May alone, up 23% year-on-year (YoY). This represented the highest monthly export volume since December 2023, when exports hit a record 3.2 mmt

The Arctic LNG 2 project contributed about 1.4 mmt of exports during the first five months of the year. Although production began in December 2023, the project did not deliver its first cargo to customers in China until August 2024, due to US sanctions imposed over the conflict in Ukraine.

Reuters reported that Russian LNG exports to Europe in January to May jumped 16.7% YoY to 7.7 mmt. In May, they rose to around ​1.36 mmt from 1.28 ⁠mmt a year earlier.

The increase comes despite the EU’s decision in January to formally approve a plan to phase out Russian gas imports by the end of 2027.