Europe is preparing a new package against Russia with a ban on LNG. Who benefits from this

Alexey Belogoryev, Research and Development Director of the Institute for Energy and Finance, commented to Novye Izvestia on the prospects of imposing an embargo on Russian LNG in the EU.

The EU is preparing a new, 14th package of anti-Russian sanctions, in which Sweden and the Baltic countries intend to include supplies of Russian LNG. The blow is serious. And it is directed specifically against Novatek.

Alexey Belogoryev says:

— For most EU countries, the embargo on Russian LNG does not have any consequences, but it is politically attractive, especially for Poland and the Baltic states. But those countries that receive Russian LNG are more cautious about this, because now they have nothing to replace gas with, especially in 2024.

Most of the liquefied gas is supplied to Europe by the independent Russian producer Novatek. The United States began the Western war against this supplier by imposing sanctions against the Arctic LNG-2 polar project. Her European business is next in line, Belogoryev confirmed:

— LNG sanctions are hitting Novatek mainly. All plants that will be sanctioned by the United States are Novatek plants. These are Yamal LNG, Arctic LNG-2, and Murmansk LNG and Ob LNG, which have already been commissioned. The last two remain at the stage of making an investment decision, they were expected before the end of 2024, but are likely to be postponed.

— So far, we are talking about new projects. In the future, there will be attempts to interfere with the interests of existing plants, except Sakhalin, because Sakhalin is under the protection of the Japanese government. And Yamal LNG and others are under scrutiny after the United States is able to replace them. This opportunity will appear in late 2025 or early 2026. I do not know if such lobbying efforts have been undertaken, but it is quite reasonable that they can be undertaken," Alexey Belogoryev notes.