EU Sanctions Package Largest in Four Years Fails to Deter European Gas Buyers

The European Union has passed its biggest sanctions package in four years against Russia. The 21st round of sanctions targets financial institutions, LNG companies, and individual shadow fleet vessels.

The new package includes a 12-month freeze on the Russian oil price gap at $44.10 per barrel, aimed at preventing Moscow from capitalizing on rising oil prices due to the war in the Middle East.

Despite efforts to sanction Russian oil and gas, several EU members have increased their purchases of Russian energy in the first half of 2026. Russia has enjoyed some of its highest revenues from LNG exports since 2022, with 136 LNG tankers sent to Europe this year, marking a 16% increase compared to last year.