A new sanctions proposal is expected to target Russia’s liquified natural gas for the first time, but the measures would only cover a quarter of Moscow’s profits.
For the first time since Moscow launched its full-scale attack on Ukraine more than two years ago, the EU is expected to aim its sanction bazooka at Russia’s lucrative gas sector.
But the proposals on the table would only touch a fraction of the billions Moscow gets annually from liquified natural gas, leaving plenty for its war chest.
The European Commission is poised to release a proposed ban on EU ports reselling Moscow LNG as soon as Friday, according to three EU diplomats. The Commission will also ask for restrictions on three upcoming Russian LNG projects, they added. The measures will come as part of Brussels’ 14th sanctions package.
The LNG sanctions are designed to stifle a lucrative business for Moscow that keeps its energy cargoes moving around the world. Yet as written in draft proposals — still subject to change — the penalties would only hit around a quarter of Russia’s €8 billion in LNG profits, according to experts and data analyzed by POLITICO.
“A fraction” is “only” a quarter of their profits. Technically true, but misleading.
And it only touches that fraction because that’s what they sell to the EU. The EU can’t stop Russia from selling gas to non-EU countries.
Gazprom went from a profit of 1.2 trillion roubles in 2022 to a loss of 630 billion in 2023, so I’d say that the current effots are already paying off too. If the EU can do more, fantastic
There we go that’s what I was missing. Man I hate all that word mincing from online news.
It’s the level of journalism I’ve come to expect from Politico.