Investing.com — The European Union (EU) is reportedly contemplating the elimination of Russian Liquefied Natural Gas (OTC:) (LNG) as part of a new set of sanctions, causing European prices to fluctuate. Benchmark futures were volatile on Wednesday, following the news.
The phase-out of LNG could be implemented either as a sanction or as a component of a strategy that the EU’s executive branch plans to unveil next month, according to sources familiar with the situation.
Europe’s pipeline gas imports from Russia have decreased over the past few years. However, in 2024, the continent imported record volumes of LNG from Russia.
Russian President Vladimir Putin has expressed a personal interest in the fuel and has pledged to maintain the country’s exports despite the increasing restrictions.
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