EU deals last blow to topple Putin’s gas empire

The latest round of sanctions proposed by the European Union to punish Vladimir Putin for his invasion of Ukraine could deal a fatal blow to Russian gas sales on the European market.

If approved by all member states, the sanctions would effectively seal the fate of Nord Stream 2, the pipeline intended to supply gas from Russia to Europe, according to Olga Khakova of the Atlantic Council's Global Energy Center.

The 18th sanctions package, unveiled by European Commission President Ursula von der Leyen, also targets Russia’s banking and oil sectors.

Gas exports remain a critical source of revenue for the Kremlin, and this new wave of sanctions could lead to the permanent shutdown of the Nord Stream pipelines.

The measures will also target Russia’s “shadow fleet” — vessels used to secretly transport oil and dodge international sanctions. A price cap of $45 per barrel is reportedly under consideration.

Khakova added: “This package could put the final nail in Nord Stream 2's coffin, providing a much overdue, decisive vision for the future of Russian pipeline gas flows to Europe.”

The EU has set a target to end its reliance on Russian gas by 2027.

(QG - Source: Newsweek - Picture : © Unsplash)