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Estonian Foreign
Minister Urmas
Reinsalu.

Estonia calls for price cap on

Russian LNG

ESTONIA ESTONIA’S foreign minister on February 21 LNG exports. Russia was Europe’s third-biggest
called for a price cap to be imposed on Rus- LNG supplier in 2022, after the US and Qatar.
Germany’s government sian LNG, in line with similar limits that the The German proposal would require gas
meanwhile is mulling a EU has slapped on the country’s oil and oil buyers to disclose the origin of the LNG they
restriction on Russian products. purchase, if the volume is more than a certain
LNG. Addressing journalists as he entered an EU amount, while Reinsalu has been pressing for a
foreign ministers' meeting in Brussels, Urmas price cap.
Reinsalu stressed the need for continuous sup- Reinsalu also complained that the existing
port for Ukraine in its defence against Russian $60-per-barrel cap on Russian oil was too high,
invasion. He argued that Russian LNG should be and should be lowered to $30 per barrel. The EU
targeted, given the country’s trade of the super- has placed an embargo on most seaborne Rus-
cooled fuel is worth billions of dollars. sian crude shipments, but the price cap would
Reinsalu’s comments come after a report prevent Western companies from providing ser-
emerged in late January that Germany’s gov- vices for Russian cargoes sold above the price cap
ernment was looking to limit Russian LNG pur- to other markets.
chases as part of efforts to ratchet up pressure on In addition, the minister called for additional
Moscow’s revenue stream. EU sanctions to be placed on Russian oligarchs.
Russia has drastically cut pipeline gas supply “We need to provide more security support
to Europe, but the same is not true for Russian to Ukraine with the European Peace Facility,” he
LNG imports. The continent in fact increased told reporters. “I think we have cornered Russia
Russian LNG supplies last year, with them in terms of international relations as well as psy-
accounting for a quarter of the country’s overall chologically.” ™

Week 08 23•February•2023 www. NEWSBASE .com P9