Estonia proposed to the European Commission that it assess a ban on the entry of Russian LNG onto European Union soil, according to the Minister of Foreign Affairs of Estonia.
Foreign Affairs Minister Urmas Reinsalu told Anadolu that they are also recommending a price cap on Russian LNG.
This price cap would hit Moscow’s revenues amid Russia’s war against Ukraine, similar to the $60-per-barrel cap on Russian crude exports transported by sea agreed by G7 and EU member countries in December.
He argued that the Russian oil cap has been beneficial, having hit the heart of the Russian economy, which heavily relies on natural resources for income.
‘We see the positive outcome. This naming and shaming has also turned markets away from Russian oil and therefore lowered Russian crude oil prices,’ he said.
‘Truly, Estonia’s intent is to cap prices at a level that avoids Russia achieving net profits in the state budget,’ he said.
‘We have also made a proposal to the European Commission to first assess a ban on Russian LNG entering European Union territory. Because global prohibition is not possible, we propose a similar price cap on LNG,’ he added.
A review of the Russian crude oil price cap will be made in March.
Turning to the recent earthquakes that hit Türkiye, Reinsalu expressed solidarity with those affected. He advocated for donations from the international community at the upcoming donor conference for quake victims in Türkiye and Syria, to be held in Brussels on March 16.
– Ukraine-Russia conflict
Reinsalu urged NATO members to support Ukraine in the war against Russia by pledging 1% of each country’s GDP for military support.
‘This would mean truly hundreds of billions of euros, which is vastly game-changing. This is a clear advantage for Ukraine,’ he said.
Estonia has pledged around €400 million in support of Ukraine, equivalent to 1% of its GDP.
In response to the question of whether Estonia feels threatened by potential Russian attacks, Reinsalu said the reality is that they are under Russian ‘hybrid attacks,’ but he does not foresee a direct military invasion in the near term.
He explained that his assessment is based first and foremost on his membership in NATO and the presence of NATO allies in the region. And secondly, by the estimation that all Russian combat forces have moved towards the Ukrainian frontlines.
He said that Estonia has managed to resist these assaults, mainly in the form of cyberattacks, and would continue to defend itself through new, well-developed NATO defense plans.
