Money above all: Russian sanctions are being weakened through exceptions.

The US has made an exception to the sanctions imposed on Gazprombank to allow payment for Russian gas by Hungary and Turkey. The Hungarian Foreign Ministry believes the latest sanctions against Russia may negatively affect some US allies. In turn, Ukraine expressed hope that the Gazprombank exceptions are only temporary and that the restrictions will be fully restored later.

“Any relaxation harm collective efforts aimed at increasing pressure on the aggressor and restoring peace, security, and stability,” the Ukrainian Foreign Ministry added.

At the same time, EU sanctions that ban imported Russian LPG have come into force. After introducing sanctions on the import of Russian LPG in December 2023, companies were given 12 months to purchase this product under existing contracts. Russia is set to lose at least €1B from the embargo.

However, by mid-December Europe had imported a record 16.5 million tons of Russian liquefied natural gas, up from 15.18 million tons last year.