Russian Gas

French energy major TotalEnergies can continue selling LNG from its Yamal project in Siberia to Asian customers due to a reprieve from EU sanctions on Russian gas.

EU countries agreed on a 21st sanctions package against Russia, resolving a dispute over a proposed ban on shipping Russian gas to third countries by creating a limited exemption for pre-invasion contracts. The bloc also froze its price cap on Russian crude oil at $44.10 a barrel for 12 months, while Greece had resisted the gas export restriction.

A Spanish import hub is urging the EU to delay a ban on Russian gas. LNG shipments to the bloc have increased following the Middle East war.

Europe reduced Russian gas imports by 87% between 2021 and 2025, shifting toward American LNG and other suppliers. A 2026 regional conflict disrupted the Strait of Hormuz, causing energy prices to surge and threatening European gas storage stability.

European natural gas prices declined due to limited trading activity during Asian hours. Germany launched its first state-chartered LNG vessel to replace Russian gas amid an energy crisis and severe cold weather. The Wilhelmshaven LNG Terminal, operated by Uniper SE, is central to this effort.