What do the restrictions of the 14th EU sanctions package against Russia mean?

Alexey Belogoryev, Research and Development Director of the Institute for Energy and Finance, commented to the Vedomosti newspaper on the consequences of the discussed ban on the Russian LNG transshipment in EU ports for the general export of Russian LNG and the European gas market.

The volume of Russian LNG transshipment through the EU to third countries is 1.7 million tons in 2023, Alexey Belogoryev said. According to him, the main part of re-exports goes to China. Now, by banning transshipment, the EU will increase the supply of Russian gas on its market.

The EU has also banned investments, the provision of goods, technologies and services to complete Russian LNG projects. Among them are Arctic LNG-2 and Murmansk LNG. The damage to the first two stages of Arctic LNG-2 depends on whether Novatek will be able to quickly launch a full-fledged transshipment in the Murmansk region, Belogoryev believes.