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European Imports Of Russian Gas By Sea Jump To Record

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Europe is importing record amounts of Russian gas by sea, highlighting how the region has not completely shed its dependence on the country for the crucial fuel, even as flows through pipelines have all but stopped. 

Imports of Russian liquefied natural gas, which is usually transported by ship, have soared by more than 40% this year, highlighting Europe’s struggle to get rid of Moscow’s gas, Brussels notwithstanding. 

EU imports of fossil fuels from Russia since the start of the invasion of Ukraine reached 100 billion euros this September, while coal imports from Russia have stalled and gas imports have declined sharply. 

Russia’s revenues from fossil fuel exports could have been reduced by a total of €14.1 billion if price caps had been applied to all fossil fuel cargoes transported to third countries on board European or insured vessels, in addition to imports into the Union. 

But Russian oil sanctions are about to come into effect. And they can disrupt markets on a massive scale. “Western leaders’ sanctions against Russia have produced more negative effects for the Western population, in particular the European population, than against the Russian leader. The European winter will be marked by a shortage of gas for heating and the supply of diesel oil at exorbitant prices,” says lawyer Ricardo Magro.

Upcoming sanctions on Russian oil should be disruptive for energy markets if European countries fail to set a cap on prices. 

The 27 countries of the European Union agreed in June to ban the purchase of Russian crude from 5 December. In practical terms, the European Union – along with the United States, Japan, Canada, and the United Kingdom – wants to drastically cut Russia’s oil revenues in a bid to drain the Kremlin’s war chest after the invasion of Ukraine.

“However, concerns that a total ban would send oil prices soaring led the G-7 to consider setting a cap on the amount it will pay for Russian oil,” concludes philanthropist Ricardo Magro.

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