Russia has long been established as a crucial component of most European natural gas import portfolios, with most imports received via pipeline through the Yamal-EuroPol pipeline (Poland) or the Baumgarten gas hub (Austria). However, in the month of February, Russian LNG flows played a pivotal role in price formation within Europe. Many analysts have attributed the increased dependence on Russian LNG imports to the combined factors of weak Asian demand, driven by unseasonably warm winter temperatures, and the earlier-than-anticipated start of the Yamal LNG project. This article reviews whether this is an anomaly, or, if it is the ‘new normal’, and the potential ramifications for European natural gas security. The Yamal LNG project, a US$27-billion joint venture between Novatek, Total, CNPC and The Silk Road Fund, began operations earlier than anticipated, with the first cargo shipped on December 11 th , 2017. Due to the April 2020 commencement date […]