The European Union is taking a stronger stance against Russia’s war campaign in Ukraine by targeting its lucrative liquefied gas (LNG) industry. After more than two years since the invasion began, Brussels is now considering re-exporting Russian LNG to countries outside the EU, which could have a major impact on countries like Spain, the largest European importer of Russian LNG.
The proposal by the European External Action Service would prohibit the transshipment of Russian LNG through EU facilities to third countries, including ship-to-ship and ship-to-shore transfers. This measure aims to disrupt Russia’s revenue stream from the sale and transportation of LNG. In addition to this, the plan includes measures to prohibit new European investments in the Russian LNG sector, impose tougher sanctions on Russian ships, and restrict the use of European ports by ships contributing to Russia’s war efforts in Ukraine.
While some countries may be hesitant to impose bans due to their dependence on Russian energy supplies, increasing pressure from international allies and public opinion could push for stricter sanctions on Russian LNG imports. If implemented, these sanctions could greatly impact companies like Naturgy, which has a significant contract for the supply of Russian LNG. However, it is important for EU Member States to carefully consider the potential consequences before making any decisions that could affect their economies and citizens.