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LNG: US Sanctions May offer ‘Opportunity’ to Wean off Russian Gas: Montel

LNG
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The recently imposed US sanctions on Russia’s Gazprom bank creates an opportunity to reduce gas payments that fund Moscow’s war efforts, an analyst told Montel.

  • Last week, the US effectively banned state-owned Gazprombank, the main route for Russian energy payments.
  • The move may shut down the only way European customers can pay for Russian gas, therefore blocking the operation of the 31.5 bcm TurkStream pipeline.
  • “EU authorities should seise on this opportunity to discontinue the flow of gas through TurkStream, altogether,” Martin Vladimirov, energy security expert at Bulgarian think tank CSD said.
  • However, he added that a cut to Russian gas flows via TurkStream was unlikely.
  • “Gazprombank could ask EU clients to… pay in a bank which works closely with Gazprombank in the EU, China or the Middle East,” he said, adding that the sanctioned bank has until 20 December to come up with a solution.
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The recently imposed US sanctions on Russia’s Gazprom bank creates an opportunity to reduce gas payments that fund Moscow’s war efforts, an analyst told Montel.

  • Last week, the US effectively banned state-owned Gazprombank, the main route for Russian energy payments.
  • The move may shut down the only way European customers can pay for Russian gas, therefore blocking the operation of the 31.5 bcm TurkStream pipeline.
  • “EU authorities should seise on this opportunity to discontinue the flow of gas through TurkStream, altogether,” Martin Vladimirov, energy security expert at Bulgarian think tank CSD said.
  • However, he added that a cut to Russian gas flows via TurkStream was unlikely.
  • “Gazprombank could ask EU clients to… pay in a bank which works closely with Gazprombank in the EU, China or the Middle East,” he said, adding that the sanctioned bank has until 20 December to come up with a solution.