International Gas Union suspends Russia from participation in its activities: Report

The International Gas Union (IGU), which included Gazprom and Novatek among its Russian members, has suspended all Russian participation in its activities. The International Gas Congress, which the IGU organises, told Interfax news agency that the Korean Gas Union, which is hosting this year's IGC, "cannot engage the further participation of RF entities in IGC-2022, for speaking, for the participation of delegations or for involvement in the exhibition or sponsorship."

Two of Russia's major gas market corporations, Gazprom and Novatek, have previously competed in the WGC. Its executives, Alexey Miller and Leonid Mikhelson, were scheduled to speak at the conference in South Korea. According to corporate figures, Gazprom intended to spend RUB 137 million on an exposition display in Daegu, South Korea. Novatek planned to build their own showcase stand as well.

The IGU is made up of 160 gas industry groups and businesses representing over 95% of the worldwide gas market. A reminder that on February 24, 2022, Russian President Vladimir Putin launched a full-scale invasion of Ukraine, sparking a conflict. Russian troops are shelling and destroying essential infrastructure in Ukraine, launching missile and air strikes, torturing and killing civilians.

Oil & Gas Sanctions against Russia

President of the European Commission Ursula von der Leyen declared that EU countries will be prohibited from purchasing Russian oil from 2022. However, EU countries have yet to reach an agreement on halting Russian gas imports. Further, Hungary and Slovakia, both EU members, will be authorised to acquire Russian crude oil until the end of 2023.

The EU pledged in March to cut gas imports by two-thirds within a year however, a new phase out is now being discussed. The United States has placed a total ban on Russian oil, gas, and coal imports, while the United Kingdom plans to phase out Russian oil by the end of the year.

Russia, on the other hand, has warned that banning Russian oil will have "catastrophic consequences for the global market." Moreover, according to the Centre for Research on Energy and Clean Air, despite sanctions, Russia's monthly earnings from exporting fossil fuels to the EU have nearly doubled. Furthermore, since the start of the war, the EU has imported roughly €22 billion (17,94,96,42,59,440.00 INR) in fossil fuels each month from Russia, compared to an average of about €12 billion (9,79,57,59,82,800.00 INR) per month in 2021.

(With agency inputs)

Image: AP