India Eyes Russian LNG Boost Post-Europe Ban: S&P Global Energy

• India may increase Russian LNG imports if Europe phases out Russian gas due to an upcoming ban, according to Kenneth Foo of S&P Global Energy.
• The potential increase in imports will depend on pricing discounts, benchmark linkages, and India's tolerance for geopolitical risk and sanctions.
• The European Union has approved a ban on Russian gas imports starting in 2027, impacting Russia's previous top market.
• India currently imports about half its natural gas needs, with Qatar, the US, and UAE being major suppliers; Russia is not a significant current supplier.
• India aims to reduce reliance on spot LNG purchases by securing long-term contracts and is highly price-sensitive in its LNG procurement.

Why It Matters: India could significantly increase Russian LNG imports after Europe's 2027 ban, contingent on favorable pricing and risk assessment.