From the Document: "Russian natural gas exports have been and continue to be of interest to Congress, whether regarding the Nord Stream 2 [hyperlink] and TurkStream [hyperlink]natural gas pipelines, European energy security [hyperlink], or geopolitical influences. Particularly for Europe, Russia's natural gas industry holds greater geopolitical significance than Russian oil. Most of Russia's natural gas exports to Europe, its largest market, are by pipeline, which limits Europe's supply flexibility. Some European countries are wholly reliant on Russian natural gas imports, and Russia has appeared [hyperlink] to adjust its natural gas prices and, occasionally, supplies on the basis of its relationship with consuming countries and as leverage in contract negotiations. In recent years, Russia has widened the market for its natural gas exports, primarily by liquefied natural gas (LNG). Russia has looked to Asia, particularly China, for future natural gas exports. In 2020, 17% of Russia's natural gas exports were LNG transported by ships and 83% were non-LNG transported by pipelines. In 2020, 78% of Russian natural gas exports went to Europe, including Turkey, 11% went to Asia, and 11% went elsewhere. Energy is the most important sector in Russia's economy, and natural gas is a key resource. Russia is the second largest consumer and producer of natural gas in the world, and the top reserve holder and exporter. Natural gas accounts for more than half of Russia's primary energy consumption and exports are a major source of foreign currency and revenues."
CRS Insight, IN11900
Congressional Research Service: https://crsreports.congress.gov/