Pressure is mounting on Russia’s energy sector after the EU agreed to introduce a liquefied natural gas import ban in two phases and the US hit Russia’s major companies with sanctions of its own.
Under the EU’s agreed 19th sanctions package, short-term LNG contracts will end after six months and long-term contracts from 1 January 2027, in line with .
In a significant change of approach, the US has also introduced sanctions on Rosneft and Lukoil, plus some subsidiaries, after plans for a summit with Russia fell through.
A statement from the US Department of Treasury said the sanctions reflected Russia’s “lack of serious commitment” to a peace process in relation to Ukraine.
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