EU reaches deal to enable members to ban Russian gas imports

The European Union (EU) has reached a tentative deal on a gas regulation that empowers member countries to prohibit Russian shipments of liquefied natural gas (LNG) without imposing new energy sanctions. The European Parliament and the EU Council, representing member states, approved part of a comprehensive package on Friday. The package establishes common rules for natural gas, renewable gases, and hydrogen, aligning the EU with a transition from fossil fuels. The regulation enables member governments to temporarily block Russian and Belarusian exporters from reserving the infrastructure capacity required for LNG and natural gas shipments. The EU previously implemented a collaborative gas procurement initiative in order to replenish gas reserves ahead of winter and avoid a repeat of last year’s record-high energy prices and concerns about deficits in Europe resulting from Russia’s reduction of gas supplies. The member nations of EU are also currently engaged in discussions over a proposal put forth by the Commission regarding the 12th package of economic sanctions imposed on Russia as a response to their invasion of Ukraine in February of 2022.