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54 min ago 2 min read
The EU’s 20th Russian sanctions package includes new prohibitions covering LNG maintenance and terminal services.
The maintenance services cover Russian LNG tankers and icebreakers and are designed to further constrain Russia’s ability to maintain its seaborne assets.
The ban on LNG terminal services, from next January, aims to allow EU operators to terminate any long-term contracts with Russian operators.
The policy direction continues to be at loggerheads with commercial dynamics.
All of Russia’s Arctic Yamal LNG exports were shipped to the EU in February, totalling 1.5 million tonnes, according to Germany environmental body Urgewald.
It said the figures underscore that European infrastructure and maritime services remain central to Russia’s LNG export revenues – raising the question of whether a full ban on Russian LNG looks realistic.
A prolonged Middle East conflict, leading to rising oil and gas prices, will help fund Russia’s economy and war machine.
Research consultancy Wood Mackenzie said Russia remains Europe’s ultimate energy dilemma.
“European countries now face towering gas prices for the second time this decade. With the war in Ukraine still raging, however, the chances of the EU lifting the ban on Russian gas and LNG imports is highly unlikely,” it states in a paper.
Other sanctions hit by the latest package of sanctions include financial and cybersecurity services, cryptocurrencies, metals, chemicals and minerals industries.
