Sergey Rusanov/Shutterstock Save for later Print Download Share Switzerland-based commodity trading houses have been one of the main beneficiaries of Russia鈥檚 plans to maintain its relevance in Europe鈥檚 energy mix by becoming one of the continent鈥檚 major suppliers of LNG. This has been done in parallel to Europe鈥檚 efforts to replace Russian pipeline imports, refill its underground storage tanks and avoid any pricing moves caused by Russian supply cuts. This diversification drive prompted trading firms to procure spot Russian LNG volumes and ship them to the continent鈥檚 largest LNG import capacity holder Spain, as Brussels failed to target Russian LNG imports as a response to Moscow鈥檚 war in Ukraine. The trend is expected to continue through 2023, prompting questions as to whether there should be a crackdown on this alternative revenue stream for the Kremlin鈥檚 war chest.
