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Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

EU Approves First Sanctions Targeting Russian LNG


Fri 21 Jun 2024 | 07:19 AM
Source: The New York Times
Source: The New York Times
Taarek Refaat

The European Union has approved a new package of sanctions seeking to tighten the implementation of restrictions by expanding the scope of measures to include the network of accomplices and thus harming Moscow's revenues.

These measures target Russia's fleet of tankers and LNG transshipment operations to a third destination.

While this is the EU's first step to restrict Russian LNG operations, the EU will still allow fuel deliveries from Moscow to the region. The sanctions also target companies in countries including China, which have been helping the Kremlin overcome previous trade restrictions.

The restrictions include a ban on the transfer of Russian LNG to third countries via the European Union, including a ban on reloading services as well as ship-to-ship and ship-to-shore transfers.

Also, a ban was imposed on providing investments, services and goods for new LNG projects in Russia. 

Sanctions were imposed on dozens of ships that form part of Russia's so-called shadow fleet, used to circumvent oil price caps and other trade measures.

It also included preventing EU operators from dealing with listed banks that enable trade in technologies and goods used in weapons or needed to manufacture them.