The stocks of gas network operator Fluxys Belgium plunged by over 6% on Thursday - after an 8% loss during trade - hitting a 15-year low, following the announcement of prospective sanctions against Russian LNG by the EU, De Tijd reported.
The exact severity of the EU’s decision, expected to be formalised next week, is uncertain. Speaking to De Tijd, a Fluxys spokesperson said the company would review the sanctions' details before assessing their full impact.
“We will of course comply with any sanctions that affect our contracts, but it is too soon to definitively gauge their impact,” the spokesperson said.
Last year, half of the LNG transported by tanker to Zeebrugge came from Russia.
In 2015, a long-term contract worth €1 billion was signed by Fluxys with Russian company Yamal for the transit of Russian gas through Fluzys' Zeebrugge LNG terminal. A fifth storage tank was built in Zeebrugge to accommodate this additional demand.
Fluxys may now face compensation claims from Yamal due to the new sanctions.
For the past two years, civil society organisations and peace movements have protested against the handling of Russian LNG in Zeebrugge’s port, arguing that it funds the conflict in Ukraine.
