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G7 recognizes importance to boost investment in LNG projects to cut dependency on Russia

The conflict in Ukraine "has reminded us of the importance of ensuring energy security while accelerating energy transition," heads of G7 foreign ministries said

WANGELS /Germany/, May 14. /TASS/. The G7 group of nations (the UK, Germany, Italy, Canada, the US, France and Japan) recognize the importance of accelerating investment in LNG (liquified natural gas) projects to decrease dependency on Russian energy, according to G7 Foreign Ministers’ Communique passed on Saturday following a three-day meeting in the Wangels municipality in the north of Germany.

The conflict in Ukraine "has reminded us of the importance of ensuring energy security while accelerating energy transition," heads of G7 foreign ministries said, adding that "in this context, we recognize the importance of accelerating investment in upstream developments, including in liquefied natural gas (LNG) projects, and promoting usage of clean energy with a view to decreasing our dependency on Russia’s energy."

On May 4, the European Commission (EC) President Ursula von der Leyen announced the sixth package of sanctions against Moscow, which includes the postponed embargo on Russian oil supplies. The European Commission suggested that crude oil deliveries from Russia to the EU be banned within six months, while imports of petroleum products - in 2023, she said. The European Commission also agreed to enable Hungary and Slovakia to continue buying Russian crude oil until the end of 2024. According to sources, the EC has already eased a number of its proposals on the time of enforcement, parameters and possible exemption from the oil embargo.

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FACTBOX: Collective Security Treaty Organization

The Collective Security Treaty came into force on April 20, 1994 to herald the emergence what would eventually become the Collective Security Treaty Organization. The six member-countries are Russia, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan

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