Russian energy export restrictions

In mid‑July 2026 the EU was debating sanctions on Russian fish imports while simultaneously grappling with an unprecedented rise in Russian liquefied natural gas (LNG) deliveries. Germany’s fish‑processing sector faced potential disruption, and low gas‑storage levels spurred plans for a strategic reserve to guard winter supply security.

A week later, the focus shifted to broader energy‑supply constraints. Conflict‑related blockades in the Strait of Hormuz and the Bab el‑Mandeb strained global oil and LNG flows, while fighting in the Black Sea halted key Russian oil pipelines. In response, Russia extended its gasoline export ban through the end of 2026, citing refinery damage and the need to stabilise domestic fuel markets. Record‑low U.S. and OECD crude inventories amplified market fragility, raising freight costs and inflationary pressure, particularly in Europe and Asia.