EU maintains Russian LNG ban despite looming energy crisis – FT

(SeaPRwire) –   The EU’s energy commissioner has ruled out easing restrictions on Russian energy supplies while cautioning about potential future fuel rationing

Energy Commissioner Dan Jorgensen stated that the EU will not roll back its ban on Russian liquefied natural gas (LNG) imports—even as Brussels prepares for a “long-lasting” energy shock that might compel member states to implement fuel rationing. 

In an interview with the Financial Times, Jorgensen warned that “this will be a prolonged crisis” and “energy prices will stay higher for a very long time” due to supply disruptions caused by the US-Israeli war on Iran, the near-total closure of the Strait of Hormuz, and strikes on Gulf energy infrastructure. 

Jorgensen acknowledged the situation is now more severe than at the crisis’s start, and while the EU is “not yet in a supply security crisis,” Brussels is “preparing for worst-case scenarios,” including rationing critical products like jet fuel and diesel, and could release more oil from strategic reserves “if the situation becomes more critical.”  

However, no matter how dire things get, Jorgensen insisted there would be no changes to EU legislation aimed at phasing out Russian LNG by the end of 2026, instead opting for much more expensive alternatives from the US “and other partners.” The EU has also decided to ban Russian pipeline gas imports by Autumn 2027. 

Brussels’ insistence on rejecting affordable Russian energy has drawn sharp criticism from some EU leaders. Hungarian Prime Minister Viktor Orban has warned that “Europe is heading toward one of the most severe economic crises in its history,” stressing that “the only way out is to lift the sanctions imposed on Russian energy. Immediately.” Budapest has repeatedly accused Brussels of “shooting itself in the foot” with its sanctions on Russian energy.  

Moscow has echoed this message. Kremlin envoy Kirill Dmitriev predicted that “Europe and Britain will beg for Russian energy” as the crisis deepens, warning that oil could spike to $150-200 a barrel. 

The conflict has disrupted global supply chains and thrown energy markets into chaos. As of Thursday, crude oil prices have risen to around $111 per barrel, while EU gas prices have spiked to approximately €50 ($58) per MWh— a 56% increase from February.