"Europe Takes Groundbreaking Action: Imposes Sanctions on Russian Liquefied Natural Gas for the First Time"
The European Union (EU) has taken a significant step towards reducing its reliance on Russian energy by imposing sanctions on liquefied natural gas (LNG) imports from Russia for the first time. This move, if approved by all member states, will bring an end to Russian LNG one year earlier than previously anticipated, with the ban set to take effect on 1 January 2027.
The sanctions, presented by Commissioner for Energy, Dan Jørgensen, aim to speed up the phase-out of Russian gas in Europe. The ban applies to LNG imports into Belgium, the Netherlands, France, Spain, and Portugal. However, it's important to note that the derogations for Hungary and Slovakia with regards to oil will not be affected by these sanctions.
The EU has been heavily relying on US-made LNG to replace Russian supplies, leading to concerns about the potential replacement of historic dependency on Russian energy with an American version. Jørgensen expressed hope that the ban on Russian LNG will be approved by all European countries, signifying a collective commitment to energy independence.
However, the sanctions are not without their challenges. There is a circumvention of the sanctions via the 'shadow fleet' of Russia, and the sanctions will hit them harder. Moreover, Hungary and Slovakia, which do not buy Russian LNG but still receive Russian oil and gas via pipelines, have opposed the phase-out of Russian energy. They argue that exiting Russian energy supplies threatens national security, raises consumer prices, and could lead to costly compensation claims.
Despite these oppositions, the Commissioner stated that the phase-out will eventually close the loophole for Hungary and Slovakia. Legislative work will continue to phase out all purchases of Russian pipeline gas and nuclear fuels, as part of the EU's ambitious roadmap to eliminate all purchases of Russian fossil fuels by the end of 2027.
Last year, the bloc spent an estimated €21.9 billion on Russian energy, with the bloc buying 20.05 billion cubic metres of Russian LNG, representing 19% of total gas consumption. The phase-out of Russian energy is expected to have far-reaching implications for the EU's energy landscape, as well as its relationship with Russia. All eyes will be on the upcoming discussions and decisions regarding this critical issue.
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