EU countries kick off talks to ban re-exports of Russian LNG

EU countries kick off talks to ban re-exports of Russian LNG

for the first time ever sanctioning Russian gas is on the eu’s agenda but the scope of the measures will be limited EU countries will continue to be able to buy Russian LNG but will not be able to reexport it after transforming it after coal and oil gas was the next big move for the EU to sanction the EU has so far been hesitant to touch gas as it risks harming the eu’s economy this expert explains how the EU waited for the right conditions with the storage basically at a very safe place um and with new suppliers and new contracts the EU feels like uh it can it can start sanctioning Russian gas I think the um rationale behind all the sanctions so far has been we want to make damage to Russia more than to ourselves um and that’s why natural gas was never sanctioned before the EU has reduced its dependency from Russian Pipeline gas from 40% in 2021 to 8% in 2023 according to EU data LG’s Imports have increased in recent years especially in countries like Belgium and Spain re-exporting also known as trans shipment remains relevant Russia makes about about 8 to 9 billion uh a year in LG exports to to the U I think um in 2023 uh it was 8 billion EUR and um trans shipment is still a quite considerable uh chunk of thatb um it’s 10 to 15% of overall exports of the yamal lngg uh terminal so it has the potential to to affect these companies EU ambassadors are having a first discussion on what would be the 14th package of sanctions against Russia this Wednesday the goal is to approve it before Hungary takes over the council presidency next July as Budapest has previously presented opposition to previous packages

European Union countries kicked off on Wednesday negotiations on the next round of sanctions against Russia, which for the first time targets LNG.

READ MORE : https://www.euronews.com/2024/05/08/eu-countries-kick-off-talks-to-ban-re-exports-of-russian-lng

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