EU to Impose Fines of Up to 300% for Importing Russian Gas

AFP Yonhap News

The European Union (EU) has agreed to impose fines of up to 300% of the transaction value if Russian gas is imported into the region and detected.

On January 26 (local time), the EU Council announced that, at a meeting of energy ministers from its member states, it had officially adopted regulations to gradually ban the import of Russian pipeline gas and liquefied natural gas (LNG). Under the new regulations, if a specific legal entity violates the ban on Russian gas imports, it will face a fine of at least 40 million euros (approximately 68.4 billion won), at least 3.5% of its annual global turnover, or 300% of the estimated transaction value, whichever is higher. For individuals, the minimum fine is 2.5 million euros (approximately 4.3 billion won).

However, controversy is expected to continue due to disagreements among countries. At the meeting, Hungary and Slovakia, both heavily dependent on Russian energy, expressed their opposition. Hungary stated that banning Russian energy would cause domestic energy prices to triple and announced its intention to file a complaint with the European Court of Justice (ECJ).