Proposed new European sanctions aimed at transshipment of Russian liquefied natural gas (LNG) are unlikely to affect Asian buyers, European energy commissioner Kadri Simson told reporters in Tokyo on Monday, UNN writes, citing Reuters.
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As part of the 14th package of sanctions against Russia due to the war with Ukraine, the European Union proposed banning services for transshipment of EU capacities for transshipment of Russian LNG to third countries. This does not affect imports to the EU.
The EU will also ban new investments and the provision of goods, technologies and services by EU operators to complete LNG projects under construction, such as Arctic LNG and Murmansk LNG.
"This will not create problems for Asian consumers: the LNG market is now a liquid market, and volume replacement is possible even if Russia does not find alternative vehicles," Simson said.
According to diplomats, countries such as Belgium, Germany and France have asked the European Commission to assess whether the ban could hit the Russian economy more than the subsidy.
Simson said the European Commission had provided its member states with" all the necessary data " that the proposal would not affect global markets.
"This only means that Russia will have to use alternative vessels to serve its customers from third countries, which will be more expensive for Russia, but otherwise it will not remove volumes from world markets," she added.
Diplomats said they are in a hurry to put the 14th package of sanctions in order before Hungary takes over the EU presidency in July. Hungarian Prime Minister Viktor Orban, who maintains ties with Russian President Vladimir Putin, has previously tried to block aid to Ukraine and restrictions on Moscow.
"I have no doubt that Hungary is thinking very constructively, especially since Hungary is a landlocked country, and the decision to transshipment will not affect its economy in any way," Simson said.