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EU Considers First Sanctions on Russian LNG, Targets Re-exports

May 13, 2024, 05:07 AM

The European Union is considering imposing its first-ever sanctions specifically targeting the Russian LNG sector. These sanctions would include banning the provision of re-loading services by EU facilities for the trans-shipment of Russian LNG to third countries, although direct imports into the EU would not be affected. The Financial Times editorial board has advocated for a complete ban on Russian LNG, citing the ongoing support of Moscow's war efforts through continued fossil fuel trade. The proposed sanctions are expected to impact European companies with existing contracts and Asian buyers. The EU aims to end all Russian fossil fuel imports by 2027, but there are calls for an earlier deadline.