EU sanctions target Russian gas for the first time

The European Union has agreed on its 14th package of sanctions against Russia over the Ukraine war, targeting Russian gas for the first time. The measures include banning re-exports of Russian liquefied natural gas (LNG) in EU waters, sanctioning three Russian LNG projects, and allowing Sweden and Finland to cancel Russian LNG contracts. However, it stops short of banning imports of pipeline gas. The package also tightens restrictions on Russia’s shadow fleet moving oil outside the price cap.