• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 6 hours The United States produced more crude oil than any nation, at any time.
  • 17 hours China deletes leaked stats showing plunging birth rate for 2023
  • 54 mins The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 5 days Bad news for e-cars keeps coming
Tesla Shareholders Push Back Against ESG Proposals

Tesla Shareholders Push Back Against ESG Proposals

Tesla shareholders approve Elon Musk's…

S&P Global: EU Could Finalise Russia LNG Sanctions in June

The European Union is gearing up to put the finishing touches on its 14th sanctions package on Russian energy this month, with sanctions targets to include shipments of Russian LNG, the European energy commissioner has told S&P Global Commodity Insights on Monday.  

The sanctions package adds three Russian LNG projects to the blacklist, including Arctic LNG 2, Ust-Luga and Murmansk, Energy Commissioner Kadri Simson told S&P Global Commodity Insights, adding that this sanctions package would be “the first one where we cover also partially LNG trade and specifically transshipments”. 

The EU’s 14th sanctions package is far from a done deal, however, with all EU member states required to be on board with the deal, and some clear outliers waiting in the sidelines to scupper the package. 

Speaking to S&P Global on the sidelines of the Japan-EU energy forum in Tokyo, Simson said EU member states had discussed the package and requested more information and that she expected them to agree to adoption. 

"We have provided them [with an] assessment on how these measures will impact international LNG markets. Our assessment is that it doesn't have a major impact to global LNG markets and LNG markets right now are liquid enough to cover the demand even if we introduce our 14th package,” S&P Global quoted Simson as saying, expressing confidence that the package could be finalized in June. 

In mid-April, the European Union Agency for the Cooperation of Energy Regulators (ACER) cautioned that sanctioning Russian LNG could negatively impact the security of natural gas supply in Europe. 

Currently, the Baltic EU member states are calling for a ban on the bloc’s imports of LNG, but the EU’s watchdog believes that any such move should only be gradual.  

As the EU aims to completely end its reliance on Russian fossil fuels by 2027, “the reduction of Russian LNG imports should be considered in gradual steps starting with spot Russian LNG imports,” ACER said in its report ‘European LNG market developments’.


By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment
  • Rico Tre on June 03 2024 said:
    All the while, Biden has placed a ban on an additional LNG port to run an analysis to see long term climate impacts. Yet, any unsold gas is currently being flared at the wellhead, so is somehow a better situation for the environment and European demand to not put supply in the hands of the allies trying to sanction Russia.. Got it

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News