EU to target Russian LNG in latest sanctions move

The European Commission will present on Wednesday proposals for the 14th package of sanctions against Russia, which will likely include restrictions on trading Russian liquefied natural gas (LNG), the portal Politico reported on Monday.

The European Commission will discuss this topic with the EU capitals, revealing Politico and citing sources. The sanctions would, among other things, prevent the transhipment of LNG in European ports. Because - as the portal's interlocutors explain - the new proposals would not ban the purchase of Russian LNG by the Community's countries but would rather address the cargoes that arrive at EU ports only to be sent elsewhere.

This will be the first time that Brussels targets the Moscow gas sector. So far, the EU has introduced a total ban on importing Russian coal and oil by sea to the EU but has not reached a consensus on gas restrictions, which was opposed by some countries, including Hungary, which remains largely dependent on imports from Russia.

In the meantime, imports of Russian LNG have increased since the beginning of the war with Ukraine to the extent that Russia began building additional terminals to increase exports further. Although Russian liquefied gas accounted only for 5% of the EU's energy consumption in 2023, the Community paid the Kremlin about £6.8 billion.

In the EU, the largest recipients of this commodity are Belgium, France, and Spain. The Baltic countries and Poland are pushing for LNG restrictions, and more recently, Sweden has also supported such an idea.

The EC will present the draft of the 14th sanction package next Wednesday. EU ambassadors will debate it at the beginning of May.