Photo courtesy of Yonhap News

 

[Alpha Biz= Paul Lee] The European Union has agreed to impose hefty fines of up to 300% of transaction value on entities found importing Russian gas into the bloc.

On Jan. 26 (local time), the EU Council officially adopted new regulations to gradually ban imports of Russian pipeline gas and liquefied natural gas (LNG) following a meeting of EU energy ministers. Under the new rules, companies that violate the ban will face penalties equal to at least €40 million, a minimum of 3.5% of their global annual revenue, or up to 300% of the estimated transaction value—whichever is applicable. Individuals may be fined a minimum of €2.5 million.

Despite the agreement, divisions among member states are expected to persist. During the meeting, Hungary and Slovakia—both heavily dependent on Russian energy—expressed opposition to the measures. Hungary warned that banning Russian energy imports could triple domestic energy prices and announced plans to challenge the regulation at the European Court of Justice (ECJ).

 

 

 

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