IEA – Natural Gas Supply Security in Korea

The Russian invasion of Ukraine in February 2022 resulted in a significant disruption to global energy security, particularly in Europe where there was a cut in Russian natural gas supply. This event prompted the European Union to accelerate efforts to reduce its reliance on Russian gas. In March 2022, the EU declared its commitment to phasing out Russian fossil fuel imports as soon as possible, with a target of zero dependence by 2027. Following this declaration, several EU member states swiftly decreased or stopped their imports of Russian gas, while others announced plans to phase out Russian gas imports in the coming years. Gazprom, the Russian state-owned energy company, also cut supplies to some EU countries in response to their refusal to adhere to a new payment requirement. Despite these supply disruptions, Europe managed to navigate the crisis without major interruptions, thanks to new LNG supplies, policy initiatives, and a well-integrated energy market. The events of 2022 highlighted the need for diversification of energy sources and reinforced the importance of global LNG markets in ensuring energy security.