EU Stands Firm on Russian LNG Ban Amid Escalating Energy Crisis

(MENAFN) The European Union has confirmed it will not reverse its ban on imports of Russian liquefied natural gas (LNG), even as the bloc braces for a prolonged energy crisis that could force fuel rationing, according to statements by Dan Jorgensen.

In an interview, Jorgensen warned that “this will be a long crisis” and “energy prices will be higher for a very long time,” citing disruptions caused by the ongoing conflict between the US, Israel, and Iran, including the near‑total shutdown of the Strait of Hormuz and attacks on Gulf energy infrastructure.

While the situation has worsened since the crisis began, Jorgensen noted that the EU is “not yet in a supply security crisis,” but is preparing for “worst‑case scenarios.” Contingency measures could include rationing key fuels such as jet fuel and diesel, and releasing additional oil from strategic reserves “if the situation becomes more critical.”

Despite these challenges, the EU maintains its commitment to phasing out Russian LNG by the end of 2026, opting instead for more costly supplies from the US “and other partners.” Pipeline gas imports from Russia are also slated to end by autumn 2027.

The EU’s stance has drawn criticism from some member states. Hungarian Prime Minister Viktor Orban warned that “Europe is heading toward one of the most severe economic crises in its history” and argued that “the only way out is to lift the sanctions imposed on Russian energy. Immediately.” Budapest has repeatedly accused Brussels of undermining its own economy with these sanctions.

Kirill Dmitriev echoed these warnings, predicting that “Europe and Britain will beg for Russian energy” as the crisis intensifies and cautioning that oil prices could spike to $150‑200 per barrel.

The conflict has severely disrupted global supply chains and destabilized energy markets. As of Thursday, crude oil prices have climbed to around $111 per barrel, while EU gas prices surged to roughly €50 ($58) per MWh, marking a 56% increase since February.

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