EU prepares to introduce sanctions against Russian liquefied natural gas - Politico
EU prepares sanctions against Russian liquefied natural gas (photo: Getty Images)
The European Union may impose sanctions on Russian liquefied natural gas for the first time since the start of the full-scale war in Ukraine, reports Politico.
According to three European diplomats, the European Commission is ready to unveil a proposal to ban EU ports from reselling Russian LNG. The European Commission will also ask for restrictions on three future Russian LNG projects. These restrictions are expected to be part of the 14th package of EU sanctions against Russia.
According to experts and Politico analysis, the European restrictions will affect only a quarter of Russia's LNG revenues in Europe, which amount to €8 billion. However, these sanctions will force Russia to overhaul its LNG business model.
As Politico explains, without European ports as a convenient stop on its export routes to Asia, Russia will have to ship its liquefied natural gas across the Arctic Sea using icebreakers, which it has in short supply.
EU sanctions against Russia
The European Union is currently working on the 14th package of sanctions against Russia for its unprovoked invasion of Ukraine. As reported in Brussels, the new sanctions package will include restrictions on those who help circumvent existing anti-Russian sanctions. The sanctions list is also likely to be expanded to include the freezing of assets in the EU.
At the same time, the German government advocated including an embargo on Russian LNG imports to the EU in the 14th package of sanctions against Russia.
