The European Union adopted a new package of sanctions targeting Russia’s energy infrastructure, joining a new push by the US to chip away at Moscow’s ability to wage its war against Ukraine.
The EU measures will ban LNG imports from 2027, according to a statement from Denmark, which holds the EU’s rotating presidency. The EU will also tighten a transaction ban on two major Russian oil companies and will sanction 117 additional so-called shadow fleet vessels, which have enabled Russia to evade previous measures.
“The sanctions have real impact and are hurting the Russian economy,” Danish Foreign Minister Lars Lokke Rasmussen said in a Thursday statement. “Russia is finding it increasingly difficult to finance its illegal war of aggression against Ukraine.”
The package – the bloc’s 19th – was stalled for weeks as Austria, Hungary and Slovakia threw up roadblocks. The measures were adopted a day after the US announced sanctions on state-run giant Rosneft PJSC and Lukoil PJSC, Russia’s two largest oil producers.
The EU measures will target 45 entities that have helped Russia evade sanctions, including 12 companies in China and Hong Kong, according to the statement. It will also prohibit reinsurance for used Russian aircrafts and vessels as well as a full transaction ban on five Russian banks and an extension of the transaction ban to Russian electronic payment systems and third-country banks in Belarus and Kazakhstan.
What do you think? We’d love to hear from you, join the conversation on the
The is a new social experience created for you and all energy professionals to Speak Up about our industry, share knowledge, connect with peers and industry insiders and engage in a professional community that will empower your career in energy.
