EU Bans Russian Firms Booking Gas Storage

The EU has banned Russian nationals and companies from booking capacity in the EU’s natural gas storage facilities in its latest sanctions to pressure Russia to end its war in Ukraine, an EU official said.

• “Russian entities in the past had sometimes reserved capacity in gas storage and not used it, which had blocked EU companies from using it”, the official said.
• The ban excludes LNG facilities as there were no reports of Russians hoarding capacities in them, the official added.
• Contracts concluded before 26 Feb that breach this ban must be terminated by 27 Mar.
• National authorities may allow exceptions to the ban if they decide these are needed to ensure critical energy supplies to the EU.