Supplies of LNG from Russia, one of the world’s biggest producers of LNG, are now out of bounds for a lot of companies in Europe following that country’s invasion of Ukraine and the subsequent sanctions imposed on the country. The conflict is raising concerns over the future of Europe’s gas supply, with a knock-on effect on LNG futures pricing and the global gas index. It is also thwarting plans to push the use of LNG across the transport sector and helped to drive up prices.

In response, mainland European countries are making a push to develop local supplies, with Germany out in the lead. Germany currently relies totally on imports of LNG but on February 27, German Chancellor, Olaf Scholz, announced the fast tracking of two LNG terminals there.