NewsEU plans new sanctions to block Russian LNG trade through ports

EU plans new sanctions to block Russian LNG trade through ports

The European Commission reportedly plans to propose restrictions on Russian liquefied natural gas (LNG) trade as part of its 14th sanctions package. However, this will not amount to a complete embargo. The aim is to prevent the transshipment of LNG in European ports.

The 14th sanctions package on Russia will cover LNG

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MZUG

3:03 PM EDT, April 26, 2024

Brussels is expected to unveil further measures against Russia and Belarus next week, following the completion of consultations with member countries this week.

Next sanctions package on the way

According to Politico, the upcoming sanctions package will continue to target the circumvention of existing sanctions against Russia and Belarus. Specifically, the European Commission (EC) intends to block Russian liquefied natural gas re-export through European ports.

The strategy includes halting the transshipment of LNG and its subsequent redirection to third countries via European vessels. Planned restrictions on LNG will also extend to three Russian terminals that are currently inactive: Arctic LNG 2, Ust-Luga, and Murmansk.

Reuters has highlighted that, despite the European Union's decision to ban the import of Russian oil by sea shortly after the Russian invasion of Ukraine in February 2022, measures against LNG have not yet been implemented. Consequently, imports of Russian liquefied natural gas have surged since the conflict's onset.

Belgium, France, and Spain are among the largest buyers of this commodity. Baltic countries and Poland have been advocating for limitations on LNG imports, with Sweden recently expressing its support for such measures.

It's worth noting, as previously reported, that Russia aimed to become the world's leading producer of liquefied natural gas by 2035. The strategy centered on new LNG terminals, backed by an annual output of 140 million tons of raw materials, intended to distribute gas globally. This ambition would have positioned Russia in direct competition with industry leaders such as Qatar and the USA.