The EU exempted Sakhalin-2 from observing the price ceiling until June 28, 2024 – Kommersant
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The European Union (EU), as part of the 12th package of sanctions against Russia, exempted the Sakhalin-2 oil and gas project from observing the price ceiling, the statement says. publications in the Official Journal of the EU. The measure will be in force until June 28, 2024.
According to the regulations of the Council of the European Union, projects that are important for the energy security of third countries may be exempt from price restrictions. The Sakhalin-2 project is important for ensuring Japan’s energy security.
The US Treasury also exempted Sakhalin-2 from the ban on maritime transportation of Russian oil and compliance with the price ceiling. On September 14, the US agency extended the measure until June 28, 2024. We are talking about supplies intended for Japan.
In June 2022, President Vladimir Putin signed a decree according to which the Russian Sakhalin Energy LLC became the operator of Sakhalin-2 instead of Sakhalin Energy registered in Bermuda. In October of the same year, management of the Sakhalin-1 project was transferred Rosneft, and the project operator, by analogy with Sakhalin-2, was re-registered under Russian jurisdiction. At the same time, the Russian authorities retained the opportunity for foreign shareholders to continue participating in projects. Japanese companies agreed stay in the projects.
Read more about EU sanctions in the Kommersant article. “It won’t work without a Russian slab”.
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