EU proposes first sanctions on Russia’s LNG sector: Politico
By
Andrew Blackman
-
May 7, 2024
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The European Commission wants the EU to impose sanctions on Russia’s liquefied natural gas industry, according to documents seen by Politico. This is the first time its proposed such measures.
- Rather than implementing a ban on Russian LNG imports, the Commission wants to stop EU countries from re-exporting the gas. The sanctions would also ban EU involvement in future LNG projects in Russia.
- The Commission’s proposal comes after efforts by the West to drain Russia’s fossil fuel revenues failed to have a significant impact. And even if the new measures are adopted, they will only affect a tiny proportion of Russia’s income from LNG exports.
- Countries including Germany and Italy are warming toward the idea of hurting Russia’s LNG industry, Politico reports. In the past, though, Hungary has blocked all gas sanctions. The country is heavily dependent on Russian energy.
