EU refuses to reverse Russian LNG ban despite looming energy crisis – FT

The bloc’s energy commissioner ruled out lifting restrictions on Russian energy while warning of possible future fuel rationing

The EU will not reverse its ban on Russian liquefied natural gas (LNG) imports, even as Brussels prepares for a “long-lasting” energy shock that could force member states to ration fuel, Energy Commissioner Dan Jorgensen has said. 

In an interview with the Financial Times, Jorgensen warned that “this will be a long crisis” and “energy prices will be higher for a very long time” due to the supply disruptions caused by the US-Israeli war on Iran and the near‑total closure of the Strait of Hormuz and strikes on Gulf energy infrastructure. 

Jorgensen acknowledged the situation is now more serious than at the start of the crisis, and while the EU is “not yet in a supply security crisis,” Brussels is “preparing for the worst‑case scenarios,” including rationing of critical products such as jet fuel and diesel, and could release more oil from strategic reserves “if the situation becomes more critical.”  

However, no matter how bad things get, Jorgensen insisted there would be no change to EU legislation aimed at ending Russian LNG by the end of 2026, instead preferring the much more expensive alternatives from the US “and other partners.” The EU has also ruled to outlaw Russian pipeline gas imports by Autumn 2027. 

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Brussels’ insistence on rejecting cheap Russian energy has drawn sharp criticism from some EU leaders. Hungarian Prime Minister Viktor Orban has warned that “Europe is heading toward one of the most severe economic crises in its history,” stressing that “the only way out is to lift the sanctions imposed on Russian energy. Immediately.” Budapest has repeatedly accused Brussels of “shooting itself in the foot” with its sanctions on Russian energy.  

Moscow has echoed that message. Kremlin envoy Kirill Dmitriev predicted that “Europe and Britain will beg for Russian energy” as the crisis deepens, warning that oil could spike to $150‑200 a barrel.  

The conflict has disrupted global supply chains and thrown energy markets into turmoil. As of Thursday, the price of crude has risen to around $111 per barrel, while the price of gas in the EU has spiked to around €50 ($58) per MWh, a 56% increase from February.