Seven EU countries received Russian gas cheaper than Hungary

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Newly released data from Eurostat provides a detailed snapshot of the European Union’s natural gas imports in March, revealing a fascinating market landscape that challenges widely held assumptions, particularly regarding the cost and volume of Russian gas. The figures show a diverse set of suppliers and varying price points, undermining claims that Moscow offers the most economical energy source for countries such as Hungary.

Gas imports

As Népszava writes, according to Eurostat figures, EU member states imported a combined 24.5 billion cubic metres of natural gas in March, 9.5 billion via pipelines and 15 billion in liquefied natural gas (LNG) form. The total spend amounted to EUR 9.8 billion, with LNG generally slightly cheaper per cubic metre than pipeline gas. The largest LNG supplier was the United States, accounting for 7 billion cubic metres sold for EUR 2.8 billion. This placed the US ahead of Algeria and Russia in total volume, as countries across the bloc continued to diversify their gas portfolios.

Russian gas in the EU

Russia remained a significant, though not dominant, player, delivering 3 billion cubic metres of gas to the EU for a reported EUR 1.2 billion. France led EU buyers of Russian gas, importing 1.1 billion cubic metres, followed by Hungary with 545 million. Spain, Belgium and the Netherlands also made purchases. Interestingly, Slovakia acquired only a minimal amount, likely a consequence of the suspension of Russian gas supplies to Ukraine earlier this year. The data suggest that while Russian gas remains part of the European mix, its market share continues to decline amid geopolitical and pricing considerations.

Different prices

In terms of pricing, the notion that Russian gas offers the cheapest option is increasingly questionable. As Népszava highlights, Hungary paid an average of HUF 182 per cubic metre for Russian gas, well above the EU average of HUF 155 and significantly higher than prices from suppliers like Qatar (HUF 153) and even the United States in some cases. Notably, LNG from Nigeria was the cheapest at HUF 110, and domestic sales in Spain saw prices as low as HUF 65. The data suggest that economic decisions around gas imports are influenced not just by price, but also by infrastructure, political strategy, and supplier diversification.

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