Estonian foreign minister calls for price limit on Russian LNG

(MENAFN) During the European Union Foreign Ministers Meeting in Brussels, Estonian Foreign Minister Urmas Reinsalu suggested imposing a price limit on Russian liquefied natural gas (LNG) in response to Russia's lucrative LNG trade worth billions of dollars. Reinsalu emphasized the importance of continuous support for Ukraine against Russia and called for the use of Russian seized assets. He argued that the current USD60 per barrel ceiling for Russian oil is too high and should be lowered to the USD30 range.

Reinsalu also advocated for a price cap on Russian LNG and suggested that the European Union should impose sanctions on oligarchs who continue to defend Russia. He further emphasized the need for increased security support to Ukraine with the European Peace Facility, saying, "I think we have cornered Russia in terms of international relations as well as psychologically."

The G7 and European Union member countries agreed in December on a USD60 per barrel cap for Russian crude exports transported by sea, aimed at hitting Moscow's revenues from oil exports and sales during Russia's ongoing war against Ukraine. Reinsalu's recommendation for a price limit on Russian LNG adds to the economic pressure being placed on Russia by the international community.

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