EU Ban on Russian LNG: Impacts and Global Shifts

A European Union ban on Russian liquefied natural gas (LNG) could lead to higher prices for European consumers and losses for EU companies. According to Dmitry Birichevsky of Russia's foreign ministry, Russian energy exporters can redirect supplies to markets like India and China to mitigate the impact.

Russia could cope with a European Union ban on imports of its liquefied natural gas (LNG) but it would lead to higher prices for European consumers and losses for EU companies, the RIA news agency cited a foreign ministry official as saying on Wednesday. The EU is considering a ban on the trans-shipment of Russian LNG amid other measures as part of a 14th package of sanctions against Russia over Ukraine.

"Once again, the imposed restrictions will also hit their initiators directly," RIA cited Dmitry Birichevsky, a foreign ministry official, as saying. Russian energy exporters had already managed to redirect energy supplies to new markets, including to India and China, and such experience would help them cope with any new restrictions, he said.