EU Passes Proposal for New Helium Export Restrictions Against Russia

The EU has agreed to the previously proposed sanctions against Russia, as announced by the Belgian presidency of the Council of the European Union. This new package includes substantial enhancements to previous sanctions and aims to close existing loopholes. Specifically, the sanctions introduce new restrictions on helium exports along with limitations on certain dual-use technologies, targeting 20 individuals and 22 legal entities to further isolate Russia economically. In 2023 Europe imported 21mmcf from Russia but in Q1’24 alone Europe imported 17mmcf. Therefore, although this may have some impact on restricting supply from Russia into Europe, what has been seen in other sectors (such as crude oil) is that Russia will look to find other offtakers (e.g. China/India) and continue to sell its volumes.

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