HomeMediaLatest NewsHow new sanctions will hit Russia's energy sector

How new sanctions will hit Russia's energy sector

Salikhov Marcel R. President, Principal Director on Economic Studies, Head of the Economic Department

Marcel Salikhov, President of the Institute for Energy and Finance, commented to the Info24 internet-portal on the 14th package of sanctions introduction.

The main measure against the Russian energy sector, which is being adopted in the 14th package of sanctions, is a ban on LNG transshipment in European ports. This was stated by Marcel Salikhov to Info24. These sanctions will primarily affect the operations of the Yamal LNG project of Novatek. It currently supplies about 60 percent of its liquefied natural gas production to Europe.

"This applies to about 10 percent of gas, it's about one and a half to two million tons per year. This does not mean that they will not be implemented at all. Probably, Novatek will come up with some alternative option. You can transfer through the port of Murmansk, there is a storage facility for liquefied natural gas, and then take it out of Murmansk. Therefore, most likely, Novatek will come up with something," the expert argues.

Salikhov stressed that the restrictions on technology supplies to Russia, which were mentioned by the head of the European Commission, Ursula von der Leyen, are nothing more than a formality, since the beginning of the sanctions policy against Russia, "equipment for the energy sector has not been supplied from the European Union anyway."
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