Europe is targeting Russian LNG projects under new sanctions and pledging 1.5 gigawatts (GW) of renewables investment to Ukraine, on the third anniversary of Russia’s invasion.
Under a 16th package of sanctions, the EU extends the prohibition to provide goods, technology and services for the completion of Russian LNG projects, and crude oil projects in Russia, such as the Vostok oil project, and extends the existing software ban to restrict the export, supply or provision of oil and gas exploration software to Russia.
The EU has decided to completely prohibit temporary storage or the placement under free zone procedures of Russian crude oil or petroleum products in EU ports, which was until now allowed, if the oil complied with the price cap and went to a third country.
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