Estonia, #Sweden, #Denmark, #Latvia, #Lithuania & #Finland have requested that #EU along with #G7 lower the oil price cap.
Our aim is to reduce the revenues Russia receives from its single most important income source.
It’s time we stop financing Russia’s aggression in #Ukraine.
— Margus Tsahkna (@Tsahkna) January 13, 2025
The six countries’ letter stated that improved oil supply reduces the risk of a shock, and Russia has no choice but to continue exporting oil at lower prices due to limited storage and dependence on energy revenue.
Andriy Yermak, Ukraine’s chief of staff and key advisor to President Zelensky, emphasized that price caps on energy exports are crucial in reducing Russia’s war funding and aggression.
Meanwhile, Estonia was also one of 10 EU nations to call for the bloc to ban imports of pipeline gas and liquefied natural gas (LNG) from Russia, Reuters also reported.
In addition to Estonia, the 10 signatory countries were: the Czech Republic, Denmark, Finland, Ireland, Latvia, Lithuania, Poland, Romania and Sweden.
“As an end goal, it is necessary to ban the import of Russian gas and LNG at the earliest date possible,” the countries stated in a joint paper seen by Reuters.
The 10 countries also said Russian LNG tankers should also be banned from docking inside EU ports.
The document also highlighted that the EU aims to gradually reduce Russian gas use by 2027, as outlined in the RePowerEU Roadmap.
The bloc has already sanctioned seaborne oil imports from Russia, but so far not wholly banned gas and LNG imports from Moscow, as some EU countries continue to rely on them.
Europe’s gas imports from Russia have dropped significantly since the full-scale invasion of Ukraine started nearly three years ago, with increased U.S. LNG imports and renewable energy usage filling the gap.
However, full sanctions—the most direct way to shut off Russian fuel imports—require unanimous approval from all the EU27.
Viktor Orban’s Hungary and now, Robert Fico’s Slovakia, both landlocked countries with no scope for an LNG port, have opposed Russian energy sanctions and have maintained cordial relations with Vladimir Putin and Russia, against the grain of EU sentiment as a whole.
Austria also still imports natural gas from Russia.
As for the oil price cap, low oil prices benefit China, which along with India is the main purchaser of Russian oil.
—
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Publish date : 2025-01-13 23:44:00
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