Russia is profiting significantly from liquefied natural gas (LNG) sales to companies in the European Union, according to a study by the environmental organisation Greenpeace published on Tuesday.
Oil and coal imports from Russia were virtually banned under EU sanctions over Moscow’s full-scale invasion of Ukraine and pipeline gas imports.
These fell sharply after the destruction of the Nord Stream pipelines in September 2022.
LNG imports were, however, so far, exempt from sanctions.
Greenpeace estimates that Yamal LNG, Russia’s main exporter of LNG, earned a total of $40 billion from global exports between 2022 and 2024.
It has an estimated $9.5 billion which was paid into the Russian treasury in tax revenues.
EU companies ranked among the biggest clients of Russia’s Yamal LNG, with France’s TotalEnergies topping the list.
China’s state-owned CNPC took second place, followed by Germany’s SEFE in third and Spain’s Naturgy in fourth places.
TotalEnergies contributed an estimated $2.5 billion to the Russian government’s tax income, SEFE $1.45 billion and Naturgy $1.25 billion, Greenpeace said.
With the total of $9.5 billion in profit tax revenues from Yamal LNG’s exports, Moscow could afford either an estimated 271,000 Shahed combat drones.
A 2,686 T-90M main battle tanks, or 9.5 million 152-millimetre artillery shells, Greenpeace said.
The stated amount of artillery shells corresponds to approximately three years of Russia’s current annual production of three million rounds.
The cited number of drones represented the quantity roughly 271 times greater than what Russia deployed against Ukraine in one week.
Greenpeace also noted that the EU’s main importers of Russian LNG – France, Spain and Belgium and the Netherlands have spent more on importing Russian gas than on support for Ukraine.
From 2022 to June 2025, the four countries have imported 34.3 billion euros (40.3 billion dollars) worth of Russian LNG while providing €21.2 billion in support to Ukraine.
This is according to the report released.
The study also points out that the French group TotalEnergies holds a 20 per cent stake in Yamal LNG and a 19.4per cent stake in its parent company Novatek.
Since 2022, TotalEnergies has received an estimated $5.06 billion in dividends from Yamal LNG and an additional $1.74 billion in dividends from Novatek, the authors wrote.
European energy companies defended their continued business with Yamal LNG by pointing to demand and long-term contracts.
German company SEFE is tied to Yamal LNG through contracts until 2038.
The company was formerly known as Gazprom Germania and was a subsidiary of the Russian state-owned company Gazprom.
It was nationalised as a result of the Russian war against Ukraine and the subsequent energy crisis in Germany.
