EU bans spot purchases of Russian LNG

The European Union will ban spot purchases of Russian liquefied natural gas (LNG) starting this Saturday, a move that could further spike European gas prices. The ban comes as the war in Iran is already disrupting global energy supplies, with benchmark gas prices in Europe having jumped about 40% due to the Middle East conflict. Deliveries under long-term contracts can continue until the end of the year, but the EU currently meets about 12% of its gas needs through Russian supplies, making the short-term market restriction a significant pressure point.