16th Sanctions Package: EU Targets Russian LNG and Aluminum.

EU to Impose Restrictions on Imports of Russian Gas and Aluminum

The European Union plans to introduce gradual restrictions on the import of Russian liquefied natural gas (LNG) and aluminum. This will be part of the 16th sanctions package against Russia due to the conflict in Ukraine.

According to Bloomberg, the new sanctions package will include restrictions on dozens of vessels from Russia's shadow fleet that transport Russian oil, as well as control over the export of goods used for military purposes. This may also lead to more banks being disconnected from the international SWIFT system.

The restrictions on aluminum will be gradual, and details about duration and scope are still being developed. The abandonment of LNG could be a sanction or part of a roadmap that the EU plans to present next month. The proposals are still being discussed by EU member states and may change before the official presentation.

Some officials oppose sanctions on Russian gas, as countries that depend on Gazprom supplies are unlikely to agree to this. However, a ban on LNG appears more realistic. Spain, Belgium, or France, which are the largest LNG importers, will not block sanctions against Russia.

The EU is also considering imposing sanctions against companies from China and the United Arab Emirates that help Russia obtain technologies for armaments, as well as restrictions in the Russian transport sector. Additionally, plans are in place to close loopholes that allow Russia to circumvent restrictions and to raise tariffs on agricultural goods and fertilizers.

The new sanctions package is set to be approved next month, coinciding with the three-year anniversary of Russia's invasion of Ukraine.