EU Imposes New Sanctions on Russia

The European Union has agreed to a new raft of economic sanctions against Russian individuals and companies, the Belgian government announced on Thursday. These measures are aimed at further pressuring Russia following its full-scale invasion of Ukraine in February 2022.

Targeting Russian Liquefied Natural Gas (LNG)

Notably, the new sanctions include measures specifically designed to impact Russia’s profits from the sale of liquefied natural gas to EU members. Most EU countries had already halted imports of natural gas via pipelines from Russia after the invasion, leading to increased reliance on LNG imports.

Crackdown on LNG Transshipments

The latest action by the EU targets imports of Russian LNG that pass through EU ports on the way to other countries, known as transshipments. This move aims to close loopholes and maximize the impact of existing sanctions on Russian energy exports.

This package of sanctions was approved by EU ambassadors after a period of negotiations and is set to be formalized before taking effect. It includes adding 100 new Russian individuals and entities to the list of those facing European penalties, bringing the total number to 2,200.