OIES Podcast – EU sanctions on Russian LNG

Podcasts - Oxford Institute for Energy Studies

In this latest OIES podcast James Henderson talks to Katja Yafimava and Agnieszka Ason about the latest EU sanctions package aimed at Russian LNG. After a brief introduction discussing the sanctions that have been imposed on Russian LNG to date, mainly by the US authorities, we look at the 14th EU sanctions package and the measures that it has introduced to curtail Russia’s activities in the LNG sector. We discuss the three key areas impacted by the sanctions, namely a ban on LNG deliveries to specific EU terminals, although not to the EU as a whole, a ban on trans-shipment of Russian LNG for onward transport and a ban on providing good, services or technology to Russian LNG projects. The overall conclusion is that the EU probably went as far as it could without banning the import of Russian LNG to the continent outright, and progress in any legal processes at the small number of terminals where a ban has been imposed will be instructive should the EU decide to broaden the sanctions at a later date. In addition, it will be interesting to see how the commercial terms in trans-shipment and supply contracts are managed in the grace period to early 2025, after which the full ban will be implemented.