The European Union imported a record volume of Russian gas in the period leading up to a planned embargo, signaling a last-minute rush to secure supply before the cutoff. Simultaneously, a newly operational refinery in Georgia is converting Russian crude into refined fuel and selling it into European markets, effectively bypassing existing sanctions. Two EU member states are blocking attempts to close that loophole, leaving the workaround intact.
A functioning sanctions loophole keeps Russian energy revenue higher than the embargo was designed to allow, which reduces the economic pressure the EU intended to apply. For investors, this means European energy policy remains less predictable, natural gas prices in Europe face continued uncertainty, and energy-intensive European industries cannot fully price in a clean break from Russian supply. Companies exposed to European wholesale energy costs carry more risk than current headlines suggest.
Next EU Council energy session (date unconfirmed, likely within weeks): member states may force a vote on the Georgia loophole closure. Watch for any official EU embargo implementation date announcements on gas, as the record import volume suggests that deadline is approaching.
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