The European Union (EU) has introduced its 14th round of sanctions against Russia, aiming to close existing loopholes and target Russia’s gas exports for the first time, according to the foreign ministers of the 27-nation bloc.
In response to Russia’s large-scale invasion of Ukraine in February 2022, Western countries have progressively intensified sanctions on Moscow.
The new sanctions aim to curtail Russia’s income from liquefied natural gas (LNG) exports by prohibiting trans-shipments at EU ports and enabling Sweden and Finland to cancel certain LNG contracts.
However, the measures stop short of an outright EU ban on LNG imports, which have increased since the war began.
These sanctions will be implemented after a nine-month transition period and will also ban new investments and services related to the completion of LNG projects under construction in Russia.
Despite these measures, gas market experts predict a limited impact, as Europe continues to purchase Russian gas and trans-shipments through EU ports to Asia making up only about 10% of Russia’s total LNG exports.
An EU official estimated that the financial impact on Russia would amount to millions rather than billions of euros.
Some central European countries continue to receive Russian pipeline gas via Ukraine.
The EU had previously banned Russian oil imports in 2022, with a few exceptions.
