EU Parliament urges more sanctions on Russian energy, banking sectors
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The EU Parliament calls on the European Union to impose a full embargo on the import of Russian fossil fuels and liquefied natural gas into the bloc.
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The gas pumping station at Sudzhe, Russia, was seen on January 11, 2009. (AP)
Members of the European Parliament are urging EU states to push for the adoption of a 15th sanctions package against Russia, aiming to broaden restrictions on the metallurgical, nuclear, chemical, and banking industries, according to a draft resolution supporting Ukraine released on Thursday.
The draft also emphasizes the necessity of implementing a full embargo on the import of Russian fossil fuels and liquefied natural gas (LNG) into the EU.
The lawmakers additionally advocated for revising the duration of existing sanctions against Russia, proposing an extension from the current six-month term to three years.
In October, Time published an analysis detailing the failure of Western sanctions to fully sever Europe's reliance on Russian energy, despite over two years of war in Ukraine.
The report highlights how initial efforts by the US, UK, and the EU to isolate the Kremlin and wean Europe off Russian oil and gas have faltered.
While energy imports from Russia have declined significantly since February 2022, loopholes and incomplete embargoes have allowed Russian energy revenues to remain robust.
According to the analysis, Russia's energy dominance has allowed it to maintain a strong economy despite sanctions.
In 2024, Russia's GDP is expected to grow by over 4%, and defense spending accounts for 40% of public expenditure as Moscow bolsters its military operations.
Despite the EU's push for an energy transition to renewables, the reliance on Russian liquified natural gas (LNG) has increased, with Austria cited as a prominent example of continued dependence.
EU imports more Russian gas than US for the first time in two years
Although the EU remains adamant on imposing strict sanctions on Russian energy, it simultaneously heavily relies on it.
For the first time in nearly two years, EU countries have imported more natural gas from Russia than from the US in a single quarter, according to data reported by the Brussels-based consultancy Bruegel. This shift in energy sourcing was reported by the German news outlet ZDF on Sunday.
Between April and June, the EU imported approximately 12.7 billion cubic meters of gas from Russia, surpassing the 12.3 billion cubic meters imported from the US.
This marks a notable change compared to the first quarter of 2024, where imports from Russia decreased slightly, while those from the US dropped more significantly. The German newspaper Welt first reported these figures.
Despite this shift, Norway remains the largest gas supplier to the EU, providing 23.9 billion cubic meters of gas in the second quarter. Russia held the top spot as the EU's primary gas supplier until the start of the war in early 2022, which led many EU nations to reduce their imports from Russia.
According to data from the German Federal Statistical Office, Germany has ceased importing Russian gas altogether.
Read more: EU storage facilities' gas injections decrease by 30%
