EU plots new limits on Russian LNG trade amid sanctions push
Media reports suggest that the European Commission is set to propose imposing restrictions on Russian liquefied natural gas (LNG) trade as part of the 14th sanctions package. However, it will not be a complete embargo. The EU aims to prevent the transhipment of LNG in European ports.
Brussels is expected to propose further restrictions on Russia and Belarus next week, having completed consultations with member countries this week.
Next sanctions package on the way
According to Politico, the 14th sanctions package will focus on countering the circumvention of restrictions already imposed on Russia and Belarus. The EC aims to prevent Russian liquefied natural gas from being re-exported through European ports.
The goal is to stop the transhipment of LNG and its redirection to third countries using European ships. Planned restrictions against LNG will also affect three still-inactive Russian terminals: Arctic LNG 2, Ust-Luga, and Murmansk.
Reuters reported that although the EU introduced a ban on the import of Russian oil by sea shortly after the Russian attack on Ukraine in February 2022, it has yet to decide on restrictions against LNG. As a result, the import of Russian liquefied natural gas has increased since the start of the war.
Belgium, France, and Spain are the biggest recipients of this raw material. Baltic countries and Poland have been lobbying for restrictions on LNG, and Sweden recently supported the idea.
It is worth remembering that by 2035, Russia aims to become the world's largest producer of liquefied natural gas (LNG). This ambition was supported by plans for new LNG terminals and an annual production of around 140 million tonnes of raw material distributed worldwide by gas carriers. Had these plans succeeded, Russia would have challenged the leading players in this field: Qatar and the USA.
