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EU adopts sanctions package banning exports of Russian LNG

EU adopts sanctions package banning exports of Russian LNG EU leaders agree on new sanctions against Russia, Brussels, December 15, 2023 (AA Photo)
By Newsroom
Jun 24, 2024 2:54 PM

The European Union has officially adopted its 14th sanctions package against Russia, which includes a ban on the re-export of Russian liquefied natural gas (LNG).

In a statement, the E.U. Council announced formal adoption of the new sanctions package aimed at closing legal loopholes, making it harder to circumvent sanctions, and introducing new measures in the energy sector.

“The package includes restrictive measures against 116 individuals and entities responsible for actions threatening Ukraine’s territorial integrity, sovereignty, and independence, as well as various sectoral measures,” the statement read.

The Council specified that the use of E.U. facilities for transferring Russian LNG to third countries will be prohibited. “The E.U. will ban the reloading services of Russian LNG within E.U. territories,” the statement added.

New measures to prevent the circumvention of EU sanctions were also outlined, including the introduction of tracking mechanisms for exports of goods crucial to the development of Russian military systems to third countries.

The statement noted, “The E.U. Council has decided to ban the use of the System for Transfer of Financial Messages (SPFS), a special financial messaging service developed by the Russian Central Bank to circumvent restrictive measures.” It also mentioned that E.U. operators will be prohibited from transacting with entities outside Russia using SPFS.

Additionally, certain ships contributing to Russian interests will be banned from accessing E.U. ports. The package also lists 61 companies supplying dual-use technology to Russia, some of which are based in third countries, which will face stricter export controls.

This package marks the first time the E.U. has imposed restrictive measures specifically targeting Russian LNG.

Due to the ongoing war, the E.U. has implemented a broad range of sanctions against Russia, covering trade, finance, energy—including oil and coal—industry, technology, transportation, dual-use and luxury goods, as well as gold and diamonds.

Last Updated:  Jun 24, 2024 2:54 PM