Europe and the United States are currently preparing ambitious new sanctions measures targeting Russia’s lucrative oil and gas exports, which play a crucial role in funding Putin’s war machine. However, it is not yet clear if Western leaders have the requisite political will to impose these measures in full.
Published on June 17 just hours after Russia carried out one of its deadliest missile and drone attacks on Kyiv, the EU’s new draft regulation on phasing out fossil fuel imports is arguably long overdue. If adopted, it would deprive the Kremlin of vital budget revenues and potentially prevent Russia from fracturing Europe’s unity through energy blackmail.
The EU’s draft regulation lays out several key steps such as a ban on signing new contracts. It calls for phasing out spot and long-term supplies between 2026 and the beginning of 2028, while prohibiting the provision of services at EU terminals for liquefied natural gas (LNG) to customers from Russia or controlled by Russian undertakings.
Importantly, the current draft also includes tough enforcement and transparency measures that would oblige importers of Russian gas to submit all information needed in order to evaluate risks for gas trading and supply security to the European Commission. In line with the proposals, customs authorities would be given greater powers to monitor imports.
Voice of Ukraine 