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EU sanctions target Russian gas for the first time

World News

20-06-2024 | 05:59

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EU sanctions target Russian gas for the first time

European Union countries agreed on a 14th package of sanctions against Russia over its war in Ukraine, diplomats said on Thursday, including their first restrictions on Russian gas.

The package bans re-exports of Russian liquefied natural gas (LNG) in EU waters but stops short of banning imports as the bloc did in 2022 for Russian seaborne oil. Some EU countries still import pipeline gas from Russia via Ukraine.

However, gas market experts say the measure will have little impact as trans-shipments of gas via EU ports to Asia represent only around 10% of total Russian LNG exports.

The package also sanctions three Russian LNG projects and includes a clause designed to allow Sweden and Finland to cancel Russian LNG contracts, diplomats said.

Belgium, which holds the rotating EU presidency until July 1, said on social media platform X that the package "maximizes the impact of existing sanctions by closing loopholes."

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