EU imposes 14th sanction package against Russia, bans LNG re-exports
Plastic letters arranged to read "Sanctions" are placed in front the flag colors of EU and Russia in this illustration taken February 28, 2022. (Reuters)
European Union (EU) countries have agreed on the 14th sanction package against Russia, which includes a ban on re-exporting liquefied natural gas (LNG) to Russia.
In a post on Belgium’s official social media account as the EU Presidency, it was stated, “Ambassadors of EU countries have reached an agreement on a strong and significant 14th sanction package in response to Russia’s aggression towards Ukraine.”
The post highlighted that the new sanctions take targeted measures and will close gaps in the existing sanctions.
Further restrictions, combat against shadow operations
European Commission President Ursula von der Leyen also welcomed the agreement on the 14th sanction package against Russia in her statement. She stated that the new sanctions would further restrict Russia’s access to critical technologies, reduce Russia’s energy revenues and combat Russia’s shadow fleet and shadow banking network.
First restrictive measures on Russian LNG
Although details of the new sanctions have not yet been fully disclosed, this marks the first time the EU has taken restrictive measures against Russian LNG.
The sanctions will not significantly affect Russia’s LNG exports to the EU but will include a ban on EU ports re-selling Russian LNG.
Long negotiation process, overcoming concerns
This package has been under negotiation among member states for a long time. Hungary, which was particularly opposed to energy sanctions in principle, overcame its concerns with assurances that nuclear power plant investments would not be sanctioned.
Germany’s support, adjustments
Germany had also shown opposition because of potential new obligations for exporting companies. This measure was removed from the package, leading to Germany’s support.
Previous sanctions, comprehensive restrictions
The EU has implemented 13 sanction packages against Russia because of the war, including restrictions on trade, finance, energy (including oil and coal), industry, technology, transportation, dual-use and luxury goods and gold and diamonds.
