European Union countries have created new sanctions against Russia banning re-exports of Russian liquefied natural gas (LNG). This is the first time the EU has targeted Russia’s LNG sector, and is the 14th package in the bloc. However, gas market experts believe the ban will not have a large effect as European countries can still purchase gas from Russia. Trans-shipments of Russian gas to Asia using EU ports make up only around 10% of total Russian LNG exports. The package also aims to make it harder for Russia to use ships with obscured origins to get around EU sanctions. Chinese firms suspected of helping Russia’s military have also been added to a blacklist which prevents them from trading with companies in the EU bloc. The new package is set to be formally adopted on Monday.
Read more: https://www.aljazeera.com/news/2024/6/20/eu-targets-lng-sector-in-new-sanctions-against-russia