EU may launch first sanctions against Russian natural gas industry after more than 2 years of war

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As part of the 14th package of sanctions against Russia, Brussels is to target Russia’s LNG (liquefied natural gas) industry for the first time.

That’s according to POLITICO.

However, Europe doesn’t intend to directly cut Russian LNG import to the EU.

“This provision does not affect imports into the EU,” the document obtained by POLITICO says.

The EU seeks measures that would make the EU state unable to re-export Russian LNG after receiving it.

“Such a measure limits the expansion of Russia’s LNG capacity and thereby limits Russia’s revenues,” the proposal reads.

EU ambassadors are to assemble and discuss possible options today, May 8. It is expected that Hungary, dependant on Russian energy, will oppose any gas sanctions.

While it’s important that the EU begins the work in the LNG direction, the sanctions would “only touch a fraction of Russia’s fossil fuel revenues” and once again fail to have tangible impact.

“Western efforts to drain Moscow’s fossil fuel revenues are falling woefully short, with an oil price cap largely failing and sanctions evasion rampant,” POLITICO describes the EU weak efforts to impact Russia’s energy sector.

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