EurOil: EU ban on Russian LNG could backfire

Momentum is building behind calls for the EU to impose a ban on Russian LNG, even though doing so could make it harder for the bloc to stock up on gas supplies before next winter.

The EU has already placed embargoes on Russian oil and petroleum products, while Moscow has drastically cut pipeline gas supplies to Europe over the past year to put political pressure on the West to make concessions in the Ukrainian crisis. However, Russian LNG supplies to Europe have not only continued but have soared. While Russian pipeline gas to Europe is now at only 10-15% of its pre-war level, Russian LNG imports into the EU soared 31% in 2022 to 19.2bn cubic metres.

However, in recent months and weeks, there are increasing calls by member states to target Russian LNG as well. EU countries agreed to explore a legal avenue in late March to prevent Russian companies from sending LNG to member states by stopping them booking infrastructure capacity. The European Commission has welcomed these calls, with caution.

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