Leveraging interdependence: An LNG price cap would have cut Russia’s LNG export revenues by 60% in 2023

For the past two years, there have been unsuccessful attempts to push politicians to ban Russian LNG imports. The situation has hit a stalemate, with importing Member States willing to reject Russian gas if EU-wide sanctions are applied, overruling concerns about potential gas shortages. A Russian LNG price cap policy could slash export earnings 60% on 2023 levels and leverages Russia’s huge reliance on Western owned or insured LNG tankers to force down the price of its gas exports.

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