EU Fast-Tracks Russian LNG Ban Amid US Pressure
The European Union proposes banning Russian LNG imports by 2027, a year earlier than initially planned. The decision, influenced by US pressure, aims to cut revenues fueling Russia's war economy. The proposed sanctions also target Russia's shadow fleet, cryptocurrency, and specific foreign banks and refineries.
The European Union has revealed plans to ban Russian liquefied natural gas (LNG) imports by 2027, advancing the embargo by a year, under a 19th package of sanctions against Moscow. The move follows persistent pressure from U.S. President Donald Trump, according to EU officials.
European Commission President Ursula von der Leyen emphasized the necessity of cutting off revenues from fossil fuels to weaken Russia's war economy, urging EU governments to support the proposal. The decision, however, requires unanimous approval among the 27 EU nations, which have previously seen resistance from countries like Hungary and Slovakia.
Besides the expedited LNG ban, the sanctions package aims to target Russia's shadow tanker fleet and the use of cryptocurrency within its economy, alongside specific Russian and Central Asian banks and Petrochemical companies in third nations, including Chinese refineries. The intention is to deplete Russia's financial ability to fund its military ventures.
(With inputs from agencies.)
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