EU targets LNG sector in new sanctions against Russia
Al Jazeera
Latest package bars re-exports of Russian LNG via Europe, but experts say measure will have little effect.
European Union countries have agreed to a new round of sanctions against Russia, targeting its lucrative liquefied natural gas (LNG) sector for the first time.
The bloc’s latest package, the 14th since Russia launched its full-scale invasion of Ukraine, would “strip Russia of further energy revenues”, said European Commission President Ursula von der Leyen on Thursday in a post on X.
The measures, which do not include a prohibition on the purchase of Russian LNG by EU countries, ban the re-export of Russian gas to third countries via European waters.
Gas market experts say the ban will have little effect since Europe will still buy Russian gas, and trans-shipments via EU ports to Asia represent only about 10 percent of total Russian LNG exports.
European ports matter for Russia since the continent offers a key route for LNG exports from frozen Arctic ports to Asian markets in winter months.