New research published today by Ukrainian campaign group Razom We Stand exposes how major European corporations, including Seapeak (UK), SEFE (DE), TotalEnergies (FR), and Dynagas (GR), remain central to Russia’s Yamal LNG project, despite Europe’s commitment under the REPowerEU plan to cut fossil fuel dependence on Moscow.
The report highlights the direct financial pipeline between European energy purchases and Russia’s war machine, revealing that corporate income tax revenues from Yamal LNG exports to EU buyers between April and September 2025 alone could be enough to fund the missiles and drones used in Russia’s recent devastating aerial attacks on Ukraine.
Shockingly, the report finds that over two-thirds of all Yamal LNG cargoes are still destined for EU buyers, generating €3.6 billion in revenue for Yamal LNG.
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These sales sent an estimated €67.7 million in tax to Moscow – money that can then be used on the drones and missiles that terrorise Ukrainian citizens daily.
Dr Svitlana Romanko, Founder and Executive Director of Razom We Stand, said, “Europe cannot continue to talk about energy sovereignty and support for Ukraine while some of its biggest energy companies help bankroll Russia’s war economy.
“The REPowerEU roadmap and the latest EU 19th sanctions package mean little if Russia is still allowed to reap profits from LNG imports, with European companies aiding them.
Tax revenues from just six months were sufficient to cover the cost of Russia’s largest recent attacks on Kyiv, which killed a child and left hundreds of thousands of civilians in Kyiv without electricity and water. Doing business with Russian LNG is blood money, pure and simple and must be stopped immediately.”
Since March 2025, all Russian LNG entering the EU has come exclusively from Yamal LNG, a project 20% owned by France’s TotalEnergies and operated by Novatek.
Among the companies highlighted in the research:
- Seapeak, a UK-based shipping company that operates six ARC7 ice-class tankers under long-term charter for Yamal LNG. In the first 6 months of 2025, Seapeak’s vessels handled over 4 million tons of LNG from Yamal LNG, accounting for 39% of the total shipments during that time period. The cargo, valued at over €2 billion by CREA, underscores Seapeak’s significant role in the transportation of Russian LNG, which is a substantial portion of Yamal’s exports.
- TotalEnergies, the French energy major, continues to hold a 20% stake in the Yamal LNG project and imported 1.5 million tonnes of LNG via French ports in Q2 2025 alone. Investigations revealed that gas from TotalEnergies continues to supply UK government buildings, including 10 Downing Street.
- SEFE, a company fully owned by the German government, remains Yamal’s second-largest EU customer with a contract to import 2.9 million tonnes of LNG per year until 2038 — around 70% of SEFE’s LNG portfolio still originates from Russian sources.
- Dynagas, a Greek-owned shipping group, manages nine LNG carriers dedicated to Yamal LNG operations. Between January and June 2025, its vessels transported 3.4 million tonnes of Russian LNG, worth €1.7 billion.
Razom We Stand’s analysis demonstrates that Yamal LNG exports substantially contribute to Russia’s federal budget through corporate taxes. The continuation of EU imports, therefore, directly sustains Russia’s military capacity in Ukraine and its hybrid war against Europe.
Meanwhile, France, Spain, Belgium, and the Netherlands continue to import Russian LNG cargoes that finance these attacks, while the Kremlin is turning energy payments into weapons.
The report calls for dual strategy solutions: ending EU market access for Russian LNG and dismantling the European service base that sustains it, including ship management, insurance, and port operations that allow Russian LNG to reach global buyers, as well as targeted sanctions on Novatek, its subsidiaries, CEO Leonid Mikhelson, and the company’s key assets, including Yamal LNG.
